• UGI USER
  • May 30, 2024
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“GLOBAL UNEMPLOYMENT TO DIP: ILO FORECASTS STABLE LABOR MARKET”

Why in the news?

  • The International Labour Organization (ILO) predicts a slight decrease in global unemployment to 4.9% in 2024 from 5.0% in 2023, attributed to lower jobless rates in China, India, and high-income countries.
  • Global economic growth, especially in the United States, and decreasing inflation are contributing to a stable labor market outlook, although uncertainties remain due to potential impacts from monetary and fiscal policy adjustments.
Source: wikipedia

About Global Unemployment Trends:

  • Predicted global unemployment rate for 2024: 4.9%, down from 5.0% in 2023.
  • Previous projection revised downward from 5.2% to 4.9% for 2024.
  • Informal employment has increased from 1.7 billion in 2005 to 2.0 billion in 2024.
  • Globally, 6% of working-age women employed in 2024, contrasting with 69.2% of men.
AboutInternational Labour Organization ILO:

  • International Labour Organization (ILO) is the UN agency for the world of work.
  • Founded in 1919 under the Treaty of Versailles post-World War I.
  • Became a specialized agency of the United Nations in 1946.
  • Headquarters: Geneva, Switzerland.
  • Parent Organization: Economic and Social Council of the United Nations.
  • Membership: 187 member states, including 186 UN member states and the Cook Islands.

Associated Article:

https://universalinstitutions.com/ilo-warns-of-rise-in-unemployment-decline-in-real-wages/