GENEVA (AN) — The global unemployment rate is expected to fall slightly to 4.9% this year but the benefits won't be shared equally in the job market.
That's because of persistent gender and socioeconomic inequalities, the International Labor Organization reported on Wednesday.
The jobless rate was 5% in 2023, and, as of six months ago, ILO had been expecting that to edge up to 5.2% this year.
The slight improvement in the May outlook for the year is due to lower-than-expected unemployment rates reported so far by China, India, and high-income countries, ILO said.
That means the global unemployment in 2024 is projected to remain below the 2019 level, before the COVID-19 pandemic and subsequent inflation.
But the latest ILO estimates show a significant "jobs gap": the 402 million people who want to work but don't have a job. That includes 183 million who are officially unemployed. The largest gaps are in developing countries and for women.
"Despite our efforts to reduce global inequalities, the labor market remains an uneven playing field, especially for women," said ILO Director-General Gilbert Houngbo.
"To achieve a sustainable recovery whose benefits are shared by all, we must work towards inclusive policies that take into consideration the needs of all workers," he said. "We must place inclusion and social justice at the core of our policies and institutions."
Women, jobs and 'growing out' of poverty
The study estimates 45.6% of women aged 15 and above are employed globally this year, compared to 69.2% of men.
ILO says evidence suggests the disparity is largely due to family responsibilities, such as marriage and parenthood, which traditionally have a greater impact on women's participation in the workforce.
Wage disparities also abound. In high-income nations, ILO says, women earn 73 cents for every US$1 earned by men, while in low-income countries, this drops to less than half of men’s wages – about 44 cents.
While GDP growth remains a critical metric, it is not sufficient for sustainable development. Since 2015 and the adoption of the U.N.’s 17 Sustainable Development Goals for 2030, progress in reducing poverty and informal employment has slowed.
As the working-age population continues to grow, formal job creation is failing to keep up. The number of workers in informal jobs rose to 2 billion in 2024, up from 1.7 billion in 2005. The informal, non-taxed economy is characterized by persistent inequities and poor working conditions.
"This indicates that the promise of the 2030 agenda will require more than 'growing out' of poverty and informality," the report says. "The level of economic growth cannot be the sole focus, but rather how sustainable, inclusive growth can be achieved."
