Global Unemployment Seen Rising Modestly In 2024: UN Labour Body

• The International Labour Organization (ILO) forecasts a slight increase in the global unemployment rate, reaching 5.2% in 2024. This is attributed primarily to rising joblessness in advanced economies.
• The ILO's 2024 World Employment and Social Outlook report identifies deceleration in global growth as a key factor contributing to a modest fall in labour market performance. The report notes that after a brief post-pandemic recovery, aggregate labour productivity growth has slowed.
• The report raises concern about high-income countries, highlighting an anticipated negative turn in employment growth in 2024. It suggests that only modest improvements are expected in 2025, contrasting with more robust job gains in low-income and lower-middle-income countries over the next two years.

 (Source: Reuters)