International Labour Organisation Predicts Job Loss Of Two Million Nigerians In 2024

• The International Labour Organisation (ILO) predicts an increase in global unemployment.

• The ILO report highlights concerns about growing inequalities and stagnant productivity.

• There is a notable increase in the number of workers living in extreme and moderate poverty.

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Eko Hot Blog reports that the International Labour Organisation (ILO) has forecasted a potential increase in global unemployment, projecting that two million workers may lose their jobs in 2024.

The anticipated global unemployment rate is expected to rise from 5.1 per cent in 2023 to 5.2 per cent, highlighting concerns about growing inequalities and stagnant productivity.

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In its latest report titled “World Employment and Social Outlook: Trends 2024,” the ILO acknowledged that joblessness had fallen below pre-pandemic levels, but recovery from the ongoing global crises remained uneven.

Despite surprising resilience in labour markets amid deteriorating economic conditions, the report emphasized the persistence of new vulnerabilities and multiple crises eroding prospects for greater social justice.

The global unemployment rate saw a modest improvement, dropping from 5.3 per cent in 2022 to 5.1 per cent in 2023.

However, the report cautioned that working poverty might persist, with a rise in the number of workers living in extreme poverty and moderate poverty in 2023.

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According to the report, disposable incomes have declined in the majority of G20 countries, and the erosion of living standards resulting from inflation is unlikely to be quickly compensated.

Notable differences persist between higher and lower-income countries, with higher-income countries experiencing a lower job gap rate and unemployment rate compared to their lower-income counterparts.

The Director-General of the ILO, Gilbert Houngbo, expressed concern over the findings, stating,

• “This report looks behind the headline labour market figures, and what it reveals must give great cause for concern. It is starting to look as if these imbalances are not simply part of pandemic recovery but structural.”

Houngbo emphasized the need for effective and fast action to address workforce challenges, as falling living standards, weak productivity, and persistent inflation create conditions for greater inequality, undermining efforts to achieve social justice and sustainable recovery.

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