(You can now subscribe to our(You can now subscribe to our Economic Times WhatsApp channelGlobal unemployment is set to fall slightly this year, a United Nations agency said Wednesday, reversing its previous prediction of a rise while warning of "slow progress" on tackling inequalities The International Labour Organization ILO ) expects a global unemployment rate of 4.9 percent in 2024 , after originally forecasting unemployment would rise to 5.2 percent this year from five percent in 2023.In a report, the Geneva-based UN agency forecasts that the rate will stay at 4.9 percent in 2025.However, the ILO cautioned that "inequalities in labour markets persist, with women in low-income countries particularly affected. "The report found that 183 million people meet the definition of unemployed, meaning they are actively looking for work and are immediately available. For men, the figure was 69.2 percent. "Despite our efforts to reduce global inequalities, the labour market remains an uneven playing field," ILO Director-General Gilbert Houngbo is quoted as saying in a press release. "To achieve a sustainable recovery whose benefits are shared by all... we must place inclusion and social justice at the core of our policies and institutions," Houngbo said.The ILO is the oldest specialised UN agency and brings together employers, unions and governments from around the world.

Source: Economic Times May 29, 2024 12:26 UTC