The International Labour Organization (ILO) report has stated that the rate of unemployment globally will worsen in 2024.
The report dubbed World Employment and Social Outlook Trends: 2024 states that an extra two million workers are expected to be looking for jobs.
This will lead to the raising of the global unemployment rate from 5.1 per cent in 2023 to 5.2 per cent.
"Disposable incomes have declined in the majority of G20 countries and, generally, the erosion of living standards resulting from inflation is, unlikely to be compensated quickly," part of the report stated.
Further, the report says working poverty is likely to persist, as the number of workers living in extreme poverty grew by about 1 million in 2023.
"While the 2023 unemployment rate persisted at 4.5 per cent in high-income countries, it was 5.7 per cent in low-income countries."
Rates of informal work are expected to remain static, accounting for around 58 per cent of the global workforce in 2024.
The report, similarly warned that income inequality has also widened, adding that the erosion of real disposable income, “bodes ill for aggregate demand and a more sustained economic recovery.”
In addition, important differences persist between higher and lower-income countries, and the jobs gap rate in 2023 was 8.2 per cent in high-income countries, it stood at 20.5 per cent in the low-income group.
