The Expected Increase in Global Unemployment

- According to a recent report by the International Labour Organization (ILO) titled "World Employment and Social Outlook Trends: 2024", there is likely to be a slight hike in global unemployment from 5.1% in 2023 to 5.2% in 2024.

- This incremental rise is primarily driven by job losses in the advanced economies, citing this group as the primary contributor to the rise.

Underlying Factors and Concerns

- The recovery post-pandemic has not necessarily improved labour productivity as it was expected to. Instead, it has exposed vulnerabilities and puts social justice under threat.

- Advanced economies are expected to bear the major brunt, with projected negative employment growth in 2024 and only minimal improvements anticipated in 2025.

- The global averages conceal significant regional disparities, hinting that both developing and emerging economies may perform better, with stable or decreasing unemployment rates.

- The steady unemployment rate does not negate the persistent issue of working poverty, especially with workers in the informal economy struggling to keep a decent standard of living.

- The report projects a widening income inequality gap, thereby underscoring the need for greater measures towards social justice for a more equitable recovery.

Need for Policy Action

- The ILO underscores that to bolster productivity, generate decent jobs, and protect vulnerable workers, edifying certain prioritised policies by governments and social partners becomes indispensable.

- These policies should include investments in education and skill training, social protection programs, and measures to address the informality in the sector.

The International Labour Organization (ILO) at a Glance

- Established in 1919 under the Treaty of Versailles, the ILO started as an affiliate agency of the League of Nations (LoN) and later became the first specialised agency of the United Nations in 1946.

- Headquartered in Geneva, Switzerland, the organisation rests its foundations on the belief that social justice is pivotal for universal and lasting peace.

- As the only tripartite United Nations agency, the ILO brings together representatives of governments, employers, and workers of 187 member states.

- The ILO establishes international labour standards, promotes internationally recognized human and labour rights, and all this is driven by consensus reached among the tripartite constituents.

- In 1969, the ILO received the Nobel Peace Prize acknowledging its efforts towards fostering peace among nations and social classes.

This recent analysis by the ILO brings to light pressing issues surrounding global unemployment trends and provides a platform for discussions and policies that can address these concerns.