World Unemployment to Fall Slightly in 2024: UN

May 30, 2024

The International Labour Organization (ILO) recently said that the rate of unemployment around the world will settle at 4.9% in 2024, a small drop from the previous year. This increase is a big change from earlier predictions, which called for a rise to 5.2%. After re-evaluating, the ILO sees a slightly better future for jobs around the world, though rates are still expected to stay the same at 4.9% until 2025.

Understanding Unemployment Definitions and Impact

The International Labour Organization (ILO) says that there are about 183 million people around the world who are officially jobless. This number includes people who are actively looking for work and are ready to start right away. Alarmingly, this number goes up to 402 million when you include people who want to work but aren’t looking for it right now. The difference shows how complicated the global job market is as a whole.

Focus on Gender Inequality in Labour Markets

The ILO says that ongoing inequality in the labor market, especially for women and people living in low-income countries, is one of the most important problems that needs to be fixed. In this area, 22.8% of women who want to work are still jobless, while only 15.3% of men in the same situation are also unemployed. High-income countries also have differences between men and women, though they are not as noticeable. For example, the jobless rate for women is 9.7% and the rate for men is 7.3%. This contrast goes beyond unemployment; women are also more likely than men to quit their jobs altogether, showing that there are big differences between men and women in global work.

About the International Labour Organization (ILO)

Establishment and History:

Founded in 1919 under the League of Nations.
Became a specialized agency of the United Nations in 1946.
Emerged from post-World War I peace negotiations.

Mandate and Goals:

Promotes social justice and international labor standards.
Aims to improve conditions and rights for workers worldwide.

Headquarters and Recognition:

Headquartered in Geneva, Switzerland.
Recipient of the Nobel Peace Prize in 1969 for working to promote peace and fairness between social groups.

Significant Contributions:

Created the Declaration on Fundamental Principles and Rights at Work in 1998.
Focuses on four core rights: Abolishing forced labor, Eliminating child labor, Prohibiting discrimination in employment, and Ensuring freedom of association and collective bargaining.
Influences legal frameworks and labor practices globally.

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