ILO REPORT ON UNEMPLOYMENT )Syllabus GS Paper 3 – Economy)

Context: Global unemployment rate is set to increase in 2024 while growing social inequalities remain a concern, said the International Labour Organisation’s (ILO) World Employment and Social Outlook: Trends 2024 report released in Vienna.

Key Findings of Report

• In 2023, there was a notable decline in the overall macroeconomic conditions.
• The report highlighted that continuous geopolitical tensions and widespread inflation led central banks to make frequent and assertive interventions.
• Despite the economic slowdown, the global growth in 2023 surpassed expectations slightly, and labor markets exhibited unexpected resilience.
• The report acknowledged improvements in the global jobs gap during 2023. However, it noted that the gap, standing at nearly 435 million, remained high.
• The report also said, the situation is particularly concerning in high-income countries, where employment growth is expected to turn negative in 2024 and only modest improvements are anticipated in 2025.

International Labour Organisation (ILO)

• About: The International Labour Organization (ILO) is the United Nations agency for the world of work.
• Mandate: Its mandate is to advance social and economic justice through setting international labour standards.
• Motto: ILO’s mandate as the basis for peace is expressed today as Decent Work for all.
• Headquarters: Geneva, Switzerland.
• Parent organization: Economic and Social Council of the United Nations.
• Members: The ILO has 187 member states: 186 out of 193 UN member states plus the Cook Islands.