Global unemployment set to increase in 2024

The global unemployment rate was 5.1 percent in 2023, and will rise to 5.2 percent in 2024, according to a new International Labour Organisation (ILO) report, TASS reports

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According to the ILO’s World Employment and Social Outlook Trends: 2024 (WESO Trends), the jobs gap rate last year stood at 8.2 percent for high-income countries and 20.5 percent for the low-income group. The 2023 unemployment rate persisted at 4.5 percent in high-income countries, it was 5.7 percent in low-income countries, the report said.

The UN labour body assumes that informal employment will remain unchanged in 2024, accounting for about 58 percent of the global workforce.