World Employment and Social Outlook: Trends 2024 (ILO)

Summary

• The global unemployment rate in 2023 was 5.1%.p.13
• The global jobs gap improved in 2023 but remained elevated at close to 435 million.p.13
• The number of workers in extreme poverty, earning less than US$2.15 per day, grew by about 1 million globally in 2023.p.14
• The number of workers in moderate poverty increased by about 8.4 million in 2023.p.14
• The number of informal workers reached 2 billion people in 2023.p.14
• Global unemployment is projected to rise by 2 million, from 5.1% in 2023 to 5.2% in 2024.p.17

Key insights

1. Monetary authorities implemented the fastest increase in interest rates since the 1980s.p.13
2. Growth in advanced economies was nearly halved in 2023.p.13
3. Real wages declined in the majority of G20 countries as wage increases failed to keep pace with inflation.p.14
4. Highly indebted developing countries are particularly at risk of quickly running into financial distress as global financial conditions tighten.p.14
5. Average hours worked have expanded less than total hours worked across countries of all income levels.p.15
6. Labour force participation rates for both men and women are set to decline in 2024 and 2025 across most income groups.p.16