Global unemployment set to worsen in 2024-UN

The global unemployment rate will increase slightly this year, the United Nations said last week as it raised concerns about stagnant productivity, worsening inequalities and inflation biting into disposable income.

- 

The UN’s labor agency said the economic recovery from the COVID-19 pandemic has slowed down, with ongoing geopolitical tensions and persistent inflation triggering aggressive moves by central banks.

That said, global growth in 2023 was modestly higher than anticipated, and labor markets showed surprising resilience, the International Labor Organization said.

However, real wages declined in most of the G20 countries as wage increases failed to keep pace with inflation, said the ILO.

The 2022 global unemployment rate stood at 5.3 percent and made a modest improvement last year to 5.1 percent.