The global unemployment rate will fall to 4.9% this year, below the expected 5.2%.

Global unemployment rate

The International Labour Organization (ILO) revised its previous forecast on global unemployment, now anticipating a slight decrease for this year. The report, released on May 29th, suggests that the global unemployment rate will be 4.9% in 2024, contrasting with the previous projection of an increase to 5.2%. However, it warns of "slow progress" in tackling labor inequalities.

According to the ILO, 183 million people meet the definition of unemployed, actively seeking work and available immediately. However, the number of unemployed people desiring work amounts to 402 million.

The report highlights persistent inequalities in labor markets, disproportionately impacting women in low-income countries. In this group, 22.8% of women seeking employment do not find it, compared to 15.3% of men. In high-income countries, the figures are 9.7% for women and 7.3% for men.

Furthermore, it is warned that these disparities only scratch the surface, as women are more likely to have completely exited the workforce. Globally, only 45.6% of women of working age were employed in 2024, compared to 69.2% of men.