ILO Forecasts 2 Million Rise in Global Unemployment in 2024

Geneva – The International Labor Organization (ILO) has projected an increase in global unemployment in 2024, attributing the rise to emerging vulnerabilities in the job market. This assessment was detailed in a press release issued on January 10, 2024, and later disseminated from the AIB headquarters in Ouagadougou.

According to Burkina Information Agency, an additional two million people are anticipated to be job-seeking in 2024, raising the global unemployment rate to 5.2%, a slight uptick from the previous year. The release emphasizes concerns over growing inequality and stagnant productivity as contributing factors to this trend.

The ILO’s latest report, titled “Global Employment and Social Affairs: Trend 2024,” underscores the uneven nature of the post-COVID-19 pandemic job market recovery. The report points to new vulnerabilities and multiple ongoing crises as obstacles to achieving greater social justice in the workforce. It calls on governments to bolster their economies through measures aimed at enhancing productivity and living standards, especially in the face of geopolitical tensions that hinder swift and effective international coordination.

The report also highlights the diminishing resources available to governments, particularly in low-income and middle-income countries, in managing economic challenges. Gilbert F. Houngbo, the Director-General of the ILO, quoted in the press release, expresses concern about these findings. He indicates that the imbalances are not merely consequences of the pandemic’s resumption but are structural in nature.

Focusing on Burkina Faso’s response, the country is committed to expanding job opportunities for its youth in sectors like defense, security, agriculture, health, education, and small and medium-sized enterprises, including the informal sector. Additionally, the development of a national skills development strategy for employment is expected to enhance the competitiveness of young people in the job market.

Notably, the ILO report does not account for the impact of protectionist and anti-immigrant policies implemented in some countries.