World Employment and Social Outlook

International Labour Organisation (ILO) has recently released “World Employment and Social Outlook: May 2024 Update.”

Key Highlights:

Global Unemployment Projections:

• The global unemployment rate is projected to slightly decrease to 4.9% in 2024 from 5.0% in 2023, which represents a downward revision from previous estimates of 5.2%.

Employment Disparities:

• Significant employment disparities remain, especially in developing countries and among women.
• The global jobs gap shows 402 million individuals are without a job but are willing to work, including 183 million who are technically unemployed.

Gender Employment Gaps:

• The employment rate for women stands at 45.6% as compared to 69.2% for men.
• This gap is largely attributed to family responsibilities, such as marriage and parenthood, which disproportionately affect women’s employment opportunities.

Labour Income Discrepancies:

• There is a notable gender income gap, particularly in developing countries.
• Women in high-income countries earn 73 cents to every dollar earned by men, while in low-income countries, women earn just 44 cents to the dollar.

Informality and Economic Growth:

• The relationship between economic growth and reductions in poverty and informality has weakened since 2015.
• The number of workers in informal employment has risen from 1.7 billion in 2005 to 2.0 billion in 2024, highlighting challenges in transitioning to formal employment sectors.

Labour Market and Economic Policies:

• Despite stable macroeconomic conditions and a resilient global GDP growth forecast at 3.2% for 2024, vulnerabilities such as conflicts, rising debt, and cost of living crises pose challenges to improving labour market outcomes globally.

Impact of Family Responsibilities on Employment:

• Family responsibilities significantly contribute to employment gaps between genders, with the burden of unpaid care work falling disproportionately on women, affecting their employment opportunities and income levels.

Need for Beyond GDP Measures: The report stresses the need for metrics beyond GDP to evaluate progress towards sustainable development, reflecting a holistic approach that includes social and employment quality factors.