RIYADH: Global unemployment is expected to decrease slightly in 2024, with new predictions indicating a rate of 4.9 percent, down from 5.0 percent in 2023.
These figures, revealed in a recent report by the International Labour Organization, have been revised downward from the body’s previous projection of 5.2 percent for this year.
The analysis anticipates that the declining trend in joblessness will flatten in 2025, with unemployment remaining steady at 4.9 percent.
Despite this projection, the study highlights an ongoing shortage of employment opportunities.
ILO Director General Gilbert Houngbo said: “Today’s report reveals critical employment challenges that we must still address. Despite our efforts to reduce global inequalities, the labor market remains an uneven playing field, especially for women.”
He added: “To achieve a sustainable recovery whose benefits are shared by all, we must work toward inclusive policies that take into consideration the needs of all workers.”
Moreover, the ILO data disclosed that the jobs gap — which measures the number of individuals without a job but who want to work — stood at 402 million in 2024. This includes 183 million people who are counted as unemployed.
In addition to this, the analysis underscored that women in low-income countries are disproportionately affected by the lack of opportunities.
The job gap for women in these nations reached a striking 22.8 percent, as opposed to 15.3 percent for men.
This contrasts with high-income countries, where the rate is 9.7 percent for women and 7.3 percent for men.
Furthermore, on a global level, in 2024, 45.6 percent of working-age women will be employed, compared to 69.2 percent of men.
The report also indicates that the difference in male and female employment rates could be attributed to family responsibilities.
Despite adopting the 2030 Agenda for Sustainable Development in 2015, progress in reducing poverty and informality has slowed down compared to the previous decade.
The number of workers in informal employment has grown from approximately 1.7 billion in 2005 to 2.0 billion in 2024.
The analysis concludes by stressing that in order to achieve the Sustainable Development Goals, “a comprehensive approach” to reducing poverty and inequality is urgently needed.
