A United Nations agency on Wednesday, May 29, said that global unemployment is set to fall slightly in 2024. Contrary to this, the UN earlier predicted that there will be a rise along with a warning of slow progress on tackling inequalities. The UN office in Geneva projects in its report that the rate will remain at 4.9 per cent in 2025.
Prior to this, the UN in its another report had said that India’s GDP grew by 6.8% in 2023, the fastest rate among major economies while the country’s formal unemployment rate was 4.1 per cent, the lowest in 12 years.
The International Labour Organisation (ILO), which once predicted that unemployment would increase to 5.2 per cent this year from 5 per cent in 2023, now projects a global unemployment rate of 4.9 per cent in 2024. “Inequalities in labour markets persist, with women in low-income countries particularly affected,” the ILO said.
What does the research say?
According to the research, 183 million people fit the definition of unemployed, which is to say that they are instantly accessible and actively seeking employment. However, 402 million individuals were unemployed and wanted employment.
The organisation added that women were disproportionately impacted by a lack of options and more likely to be unintentionally unemployed.
(with agency inputs)