Global unemployment remains at record low of 5% in ’24

Global unemployment stayed at an all-time low of 5 per cent last year and is expected to remain at that level in 2025 similar to that of 2023, the International Labour Organisation (ILO) reported on Thursday.

” At the same time, employment growth remained too weak to have a significant impact on persistent decent work deficits around the world. Young people, especially, continue to face much higher unemployment rates – around 12.6 per cent – with few signs of improvements.” ILO World Employment and Social Outlook Trends Report read.

The UN organisation noted that a worldwide economic growth reduced from 3.3 per cent to approximately 3.2 per cent last year, and a similar expansion is expected in 2025 and then a gradual deceleration to set in over the medium term.

The current global unemployment rate of 5 per cent is the lowest in an ILO data series dating back to 1991 and is expected to decrease slightly to 4.9 per cent in 2026, according to the ILO.

While some European countries have experienced a decrease in unemployment rates in recent years, South Africa has reported persistently high levels above 30 per cent in 2024.

ILO Director-General Gilbert Houngbo, a former Prime Minister of Togo, called for bold action to help address barriers to a thriving labour market. “The world must embrace new approaches to social justice that generate decent work,” he said.

The report suggests increasing job creation by investing in education and creating new private funds from migrants’ remittances to support development in poorer countries.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser