The International Labour Organization (ILO) has warned of rising global unemployment in 2024 and growing income inequalities, according to a report. Despite recovering from the pandemic and showing resilience, global labour markets have displayed signs of vulnerability. The report World Employment and Social Outlook: Trends 2024 noted that while the unemployment rate and jobs gap have declined to below pre-pandemic levels, it is anticipated that an additional 2 million individuals will be jobless by 2024, pushing the global unemployment rate to 5.2 percent.

Additionally, the report highlighted the decrease in disposable incomes in most G20 nations, difficulty in offsetting the erosion of living standards due to inflation, and the persisting income gap between high and low-income countries. The jobs gap rate was 8.2 percent in high-income countries, and 20.5 percent in low-income nations. The global poverty levels are also a concern, with a moderate increase in working individuals living in extreme and moderate poverty noted in 2023.

The ILO report stressed on the need to tackle these issues quickly to secure individual livelihoods and sustain businesses. Collaborative efforts from countries to promote global economic development and introduce effective employment policies were suggested as possible solutions.