The International Labour Organization (ILO) today said that global unemployment rate is expected to inch up to 5.2 percent this year primarily because of a rise in joblessness in advanced economies.
ILO’s 2024 ‘World Employment and Social Outlook’ report forecasts that the number of unemployed people will rise by 2 million, lifting the global unemployment rate to 5.2 percent from 5.1 percent in 2023.
ILO, a United Nations agency, said that after a short growth spurt as countries recovered from the pandemic, aggregate labour productivity growth had quickly returned to the low pace seen over the previous decade. The report also said, the situation is particularly concerning in high-income countries, where employment growth is expected to turn negative in 2024 and only modest improvements are anticipated in 2025.