World Employment and Social Outlook: Trends 2024 Report

Context

·  The International Labour Organisation (ILO) has released the World Employment and Social Outlook: Trends 2024 report.

Major Findings

 Joblessness and the jobs gap have both fallen below pre-pandemic levels but global unemployment will rise in 2024.

The Economic Recovery: The macroeconomic     environment deteriorated significantly over 2023.

?   Ongoing geopolitical tensions as well as persistent and broadening inflation triggered frequent and aggressive moves by central banks.

?   Monetary authorities in advanced and emerging economies implemented the fastest increase in interest rates since the 1980s, with significant global repercussions.

?   Economic Slowdown: China, Türkiye and Brazil slowed down considerably, causing adverse impact on global industrial activity, investment and trade.

Despite the economic slowdown, global growth in 2023 was modestly higher than anticipated, and labour markets showed surprising resilience.

?   Unemployment Rate: The global unemployment rate in 2023 was 5.1%, a modest improvement from 2022.

The labour market participation rates had largely also recovered from their pandemic lows.