PUNCH
The International Labour Organisation has projected that two million workers may lose their jobs this year, as the global unemployment rate will be up from 5.1 per cent in 2023 to 5.2 per cent.
In the latest report titled “World Employment and Social Outlook: Trends 2024”, the ILO stated that joblessness and the jobs gap had fallen below pre-pandemic levels, but global unemployment would rise in 2024.
It added that growing inequalities and stagnant productivity were causes for concern.
The global unemployment rate has dropped in three consecutive years, declining from 6.9 per cent in 2019 to 5.1 per cent in 2023.
The report indicated that 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 2023 global unemployment rate stood at 5.1 per cent, a modest improvement from 2022 when it stood at 5.3 per cent. The global jobs gap and labour market participation rates also improved in 2023,” the report said.
According to the report, working poverty was likely to persist despite quickly declining after 2020, the number of workers living in extreme poverty (earning less than US$2.15 per person per day in purchasing power parity terms) grew by about 1 million in 2023.
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