The latest World Employment and Social Outlook report forecasts a global unemployment rate of 4.9% in 2024, down from 5.0% in 2023.
This is a revision from the previous projection of 5.2% for this year, which is expected to remain steady in 2025 with an unemployment rate of 4.9%.
The report also highlights the ongoing issue of limited employment opportunities.
Currently, there are 402 million people worldwide who are unemployed but seeking work, including 183 million officially counted as unemployed.
Women, particularly in low-income countries, are disproportionately affected by the lack of job opportunities.
“Despite efforts to reduce global inequalities, the labor market remains unequal, especially for women,” stated ILO Director-General Gilbert F. Houngbo.
In low-income countries, more than one in five women (22.8%) are unable to find work, compared to almost one in seven men (15.3%).
In contrast, high-income countries have a female unemployment rate of nearly 10% and a male unemployment rate of 7.3%.
The report also found that women in high-income countries earn 73 cents for every dollar earned by men, but this decreases to just 44 cents in low-income countries.
The report attributes much of these differences to family responsibilities, stating that “women’s disproportionate share of unpaid care work plays a major role in shaping gender employment gaps globally.”
Houngbo emphasized the need for inclusive policies that consider all individuals in the workforce.
“We must prioritize inclusion and social justice in our policies and institutions. Without doing so, we will not achieve our goal of strong and inclusive development,” he said.
The report predicts that global unemployment will decrease below pre-pandemic levels, but this will not be the case for low-income countries.