World Employment and Social Outlook: Trends 2024
On 10 January 2024, the International Labour Organization (ILO) published a new annual report on the global labour market, employment trends, and emerging labour market challenges. The report shows a complex scenario, characterized by disparities between high- and low-income countries, a large part of the workforce employed informally and the prevision of a slight increase in global unemployment in 2024.
At the same time, although the recovery from the pandemic remains uneven and economic conditions due to inflation have worsened, labour markets have shown impressive resilience. According to the report, post-pandemic economic and social recovery still needs to be completed, and progress on social justice is slowing.
In 2023, labour markets showed remarkable resilience, while by 2024 the global unemployment rate – which had improved slightly from 5.3 to 5.1 per cent in 2023 – is set to worsen again, bringing the rate back to around 5.2 per cent.
The employment situation continues to be uneven among higher-income countries, where the jobless rate in 2023 was 8.2 per cent compared to 20.5 per cent in lower-income countries.
Labour and skills shortages are still critical topics on the agenda of policymakers. There is also an excess of job vacancies in specific sectors that are difficult to fill, leading to a severe sectoral mismatch.
Labour participation rates also remain gender uneven, especially in emerging and developing countries, and the situation is even more worrying for young people, whose integration into the labour market in the long term remains difficult.
From a quantitative point of view, moreover, even if people have re-entered the labour market, they tend not to work the same number of hours as before the pandemic, also due to the increasing incidence of part-time employment, since part-time employees often need help to return to a full-time job.
The report emphasises that improving working conditions and increased productivity could help resolve specific labour market imbalances.
It also stresses the need for political actions focused on social justice to ensure a fair and sustainable global economic recovery.
Sources: https://www.ilo.org/wcmsp5/groups/public/—dgreports/—inst/documents/publication/wcms_908142.pdf https://www.ilo.org/global/about-the-ilo/newsroom/news/WCMS_908068/lang–en/index.htm