Two million workers to lose jobs in 2024 – ILO

The International Labour Organisation, or ILO, has forecast that two million workers worldwide may lose their jobs in 2024 as the global unemployment rate rises from 5.1% in 2023 to 5.2%.

Although unemployment and the gap between jobs have decreased from pre-pandemic levels, the ILO predicted that global unemployment would still grow by 2024.

Its most recent report, “World Employment and Social Outlook: Trends 2024,” revealed this.

Growing inequality and stagnating productivity were cited in the report as reasons for concern, despite the fact that the worldwide unemployment rate has decreased three years in a row, from 6.9% in 2019 to 5.1% in 2023.

The report indicated, “labour markets had shown surprising resilience despite deteriorating economic conditions, but recovery from the pandemic remained uneven as new vulnerabilities and multiple crises were eroding prospects for greater social justice.”

The unemployment rate worldwide in 2023 was 5.1%, a slight decrease from the 5.3% rate in 2022.

The report states that in 2023, there was an improvement in both the global jobs gap and labour market participation rates.

In 2023, approximately 1 million more workers were classified as living in extreme poverty (earning less than US$2.15 per person per day in purchasing power parity terms).

It clarified that in 2023, there will be an 8.4 million rise in the number of workers living in moderate poverty (earning less than US$3.65 per day per person in PPP dollars).

It predicted that the state of the labour market and the unemployment rate worldwide would worsen.

It went on to say that most G20 nations have seen a decrease in disposable income and that inflation-related living standard degradation is unlikely to be swiftly offset.

The ILO’s Director-General, Gilbert Houngbo, stated that the report’s analysis goes beyond the salient labour market data and that what he finds there should be grave concern because these disparities appear systemic rather than just a product of the pandemic’s recovery.

The workforce issues, he continued, threatened both people’s livelihoods and companies, so “it is essential that we tackle them effectively and fast.”

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