In this way, the global unemployment rate would accumulate four consecutive years of decline, after skyrocketing to a record of 6.6% in 2020 due to the pandemic.
The global unemployment rate will be 4.9% this year, one tenth below the level recorded in 2023, which represents an improvement of three tenths compared to what was anticipated at the beginning of the year by the International Labor Organization ( ILO) and a new minimum of the entire available series, according to data from the report 'World Social and Employment Outlook: May 2024 Update'.
In this way, the global unemployment rate would accumulate four consecutive years of decline, after skyrocketing to a record of 6.6% in 2020 due to the covid-19 pandemic. In 2019, the last year before the pandemic, the global unemployment rate was 5.6%.
In its analysis, published this Wednesday, the ILO details that this downward revision of its global unemployment forecast is mainly derived from lower than expected unemployment rates in China, India and high-income countries.
However, the ILO warns that it expects the downward trend in unemployment to "stabilize in 2025", when it projects an unemployment rate of 4.9% as well.
Likewise, the Geneva-based organization estimates that the number of unemployed worldwide in 2024 will remain stable at around 183 million, a figure that represents a decrease of 44 million in the total number of unemployed worldwide registered in 2020 and that is below the 194 million in 2019.
Despite these prospects, the report highlights the persistent lack of employment opportunities, as the ILO estimates that the "employment deficit", which measures the number of people without work but who want to work, will stand at 402 million people. in 2024, including the 183 million counted as unemployed.
This estimated employment gap represents an increase compared to the 399 million calculated for 2023, although it remains below the 422 million people in 2019.
"Despite our efforts to reduce inequalities globally, the labor market remains an unequal playing field, especially for women," said ILO Director-General Gilbert Houngbo.
"We must place inclusion and social justice at the center of our policies and institutions. Otherwise, we will not achieve our objective of guaranteeing strong and inclusive development," he added.
