Two million workers to lose jobs in 2024 – ILO

About two million workers in the world may lose their jobs in 2024, as the global unemployment rate will be up from 5.1 per cent in 2023 to 5.2 per cent, the International Labour Organisation, ILO, has projected.

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The ILO stated that joblessness and the jobs gap had fallen below pre-pandemic levels, but global unemployment would rise in 2024.

This was disclosed in its latest report titled: “World Employment and Social Outlook: Trends 2024”.

According to the report, growing inequalities and stagnant productivity were causes for concern, saying that the global unemployment rate has dropped in three consecutive years, declining from 6.9 per cent in 2019 to 5.1 per cent in 2023.

The report indicated, “labour markets had shown surprising resilience despite deteriorating economic conditions, but recovery from the pandemic remained uneven as new vulnerabilities and multiple crises were eroding prospects for greater social justice.”

The 2023 global unemployment rate stood at 5.1 per cent, a modest improvement from 2022 when it stood at 5.3 per cent.

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According to the report, the global jobs gap and labour market participation rates also improved in 2023.

The number of workers living in extreme poverty (earning less than US$2.15 per person per day in purchasing power parity terms) grew by about 1 million in 2023.

It explained that the number of workers living in moderate poverty (earning less than US$3.65 per day per person in PPP terms) increased by 8.4 million in 2023.

It projected that the labour market outlook and global unemployment would both worsen.

It further explained that disposable incomes have declined in the majority of G20 countries, and, generally, the erosion of living standards resulting from inflation is unlikely to be compensated quickly.

Gilbert Houngbo, the Director-General of ILO, said that the report looks behind the headline labour market figures and what it reveals must give great cause for concern, saying that it is starting to look as if these imbalances are not simply part of pandemic recovery but structural.

He added that the workforce challenges posed a threat to both individual livelihoods and businesses “and it is essential that we tackle them effectively and fast.”

Two million workers to lose jobs in 2024 – ILO

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