The International Labor Organization (ILO) warned on Wednesday that global unemployment could rise in 2024, expressing concern over stagnating productivity, rising inequality and income-eroding inflation.
“The global unemployment rate fell from 5.3% in 2022 to 5.1% in 2023, but an additional two million workers are expected to be looking for work in 2024, again contributing to a rise in the rate to 5.2%,” states the ILO in its report on global employment trends and social prospects for 2024.
The UN agency notes that the economic recovery observed after the COVID-19 pandemic has slowed, against a backdrop of geopolitical tensions and persistent inflation that have led central banks to take proactive measures.
However, global growth in 2023 was slightly higher than forecast, and labor markets showed surprising resilience, according to the ILO.
The organization points out, however, that real wages have fallen in most G20 countries because wage increases have not kept pace with inflation.
Finally, the ILO considers it unlikely that the erosion of living standards caused by inflation will be quickly offset.
