ILO expects global unemployment to drop slightly in 2024, but slow progress to reduce inequalities is “worrying”

A slight drop in worldwide unemployment to 4.9% in 2024 from 5.0% in 2023 was predicted by the ILO in their World Employment and Social Outlook: May 2024 Update. Nonetheless, disparities continued, particularly for women living in low-income nations. A 'jobs gap' of 402 million people seeking employment, including 183 million unemployed, was noted in the report. Gilbert F. Houngbo, the director-general of the ILO, underlined the necessity of comprehensive policies to solve these issues. In low-income nations, women made much less money than males and faced a 22.8% employment gap vs 15.3% for men. The rate of poverty and informality reduction has decreased, and by 2024, there will be 2.0 billion people working in informal jobs. To accomplish the Sustainable Development Goals, a comprehensive strategy was recommended in the report.