The global unemployment rate will fall slightly, according to a new report by the International Labor Organization, or ILO. The report also states that labor market inequalities continue to persist, particularly for women in low-income countries.
The report, “World Employment and Social Outlook: May 2024,” forecasts that the global unemployment rate in 2024 will be 4.9%, down from 5.0% in 2023. A previous prediction for 2024 by the ILO was 5.2% due to an expected increase of joblessness in countries with advanced economies.
The new number stems from lower than anticipated unemployment numbers in countries like China and India. The current projected number for 2025 will remain at 4.9%.
The report also looks at a lack of job opportunities, focusing on “job gaps,” which total the number of people who are looking for work. The job gap in 2024 was 402 million people. The ILO report says this includes 183 million people who have been counted as unemployed.
Women, especially those in low-income countries, are especially affected by the limited opportunities, according to data found in the report. In low-income countries, the job gap for women is 22.8% and 15.3% for men. In high-income countries, the job gap for women is 9.7% and 7.3%.
“Today’s report reveals critical employment challenges that we must still address,” said ILO Director-General Gilbert F. Houngbo. “Despite our efforts to reduce global inequalities, the labor market remains an uneven playing field, especially for women.”
A larger number of women are detached form the job market compared to men. According to the report, family responsibilities can play a role in the employment rates of women and men. In 2024, 45.6% of working-age women are employed, compared to 69.2% of men.
Employed women face lower wages than men, especially in low-income countries, where women earn 44 cents for every dollar men make.
The report concludes that progress in reducing poverty and informality has slowed when compared to the previous decade, despite the 2015 adoption of the United Nations’ 2030 Agenda for Sustainable Development. The report states that a broader approach to minimizing both poverty and inequality is needed to reach its Sustainable Development Goals.
