Global unemployment declines, says ILO

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The International Labour Organization (ILO) predicts a small decline in global unemployment for 2024, reaching 4.9% compared to 5.0% in 2023. This revision is lower than their previous forecast of 5.2%. However, the report highlights lingering issues with labor market inequalities, particularly for women.

Despite the positive outlook, a significant “jobs gap” persists. The ILO estimates this gap at 402 million people in 2024, which includes those actively seeking work.

The report emphasizes a concerning gender disparity. Women, especially in low-income countries, face a much larger employment gap compared to men. This is attributed partly to family responsibilities but also suggests a deeper lack of opportunities for female workers. The report urges policymakers to focus on inclusive policies that address these inequalities and promote a more balanced labor market.

Source: Punch

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