Global unemployment will rise in 2024: ILO

Joblessness and the jobs gap have both fallen below pre-pandemic levels but global unemployment will rise this year, and growing inequalities are causes for concern, an International Labour Organization report said.

Despite worsening economic conditions, global labor markets displayed unexpected resilience last year. However, recovery from the pandemic remains uneven, and new vulnerabilities and multiple crises are eroding prospects for greater social justice, the report said.

The report, "World Employment and Social Outlook: Trends 2024", finds that both the unemployment rate and the jobs gap — which is the number of persons without employment who are interested in finding a job — have fallen below pre-pandemic values. The 2023 global unemployment rate stood at 5.1 percent, a modest improvement from 2022 where it stood at 5.3 percent. The global jobs gap and labor market participation rates also improved in 2023.