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Unemployment remains above pre-pandemic level – ILO

Geneva, Mar 13 (Prensa Latina) The International Labor Organization (ILO) forecast on Monday that global unemployment is projected to edge up slightly in both 2023 and 2024, reaching 211 million, although the rate will remain at 5.8%.

The global unemployment rate declined significantly in 2022, falling to 5.8% from a peak of 6.9% in 2020 as economies began recovering from the shock of the Covid-19 pandemic.

The subsequent recovery has been driven by informal employment, which has caused a slight increase in the incidence of informality worldwide.

Globally, 58% of those employed were in informal employment in 2022, amounting to around 2 billion workers in precarious jobs, most lacking any form of social protection.

The latest estimates extend the downward growth trend, from an average annual rate of 1.8% between 2000-14 to 1.4% between 2015-22.

Equal treatment in employment, including fair and equitable earnings, is fundamental for achieving decent work for all. The median gender wage gap across 102 nations with recent and comparable data (based on hourly earnings of employees) is approximately 14%.