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ILO's 2024 World Employment and Social Outlook report forecasts
the number of unemployed people will rise by 2 million, lifting
the global unemployment rate to 5.2% from 5.1% in 2023.
"We are projecting a modest fall in performance on labor
markets, in part because growth is decelerating around the
world," said Richard Samans, director of ILO's research
department.
ILO, a United Nations agency, said that after a short growth
spurt as countries recovered from the pandemic, aggregate labor
productivity growth had quickly returned to the low pace seen
over the previous decade.
"During periods of slow productivity growth, real disposable
income and real wages are often vulnerable to sudden price
shocks," the ILO report said.
The report said little gain in employment was anticipated among
upper-middle-income countries over the next two years, but that
job gains in low-income and lower-middle-income countries would
remain robust.
"The situation is particularly concerning in high-income
countries, where employment growth is expected to turn negative
in 2024 and only modest improvements are anticipated in 2025,"
ILO said.
(Reporting by Gabrielle Tétrault-Farber; Editing by Christina
Fincher)
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