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The International Labor Organization (ILO) has provided a forecast for the global unemployment rate for the current year, predicting its growth to 5.2%. The main reason for this growth is an increase in unemployment in developed economies, Reuters reports.
According to the organization's report "World Employment and Social Prospects 2024", the number of unemployed is projected to increase by 2 million, which will lead to an increase in the global unemployment rate from 5.1% in 2023 to 5.2%.
Richard Samans, Director of the ILO's Research Department, pointed out that this forecast is due to a moderate decline in labor markets, which is determined by the overall increase in the slowdown in economic growth around the world.
According to the report, after a short-lived recovery from the pandemic, labor productivity growth has returned to the low rates of the previous decade.
The ILO notes that during periods of slow productivity growth, real income and wages are often vulnerable to sudden price shocks.
The report also predicts a slight increase in employment in upper-middle-income countries over the next two years, but the situation is particularly worrying in high-income countries, where employment growth could be negative in 2024 and only modest improvements are expected in 2025.
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