On January 18 2025, the International Labour Organization (ILO) released its flagship report titled ‘World Employment and Social Outlook : Trends 2025(WESO Trends 2025)’, highlighting the current state of global labour markets and the social outlook. The report provides an in-depth analysis of global employment trends, challenges, and prospects for the near future.
- According to the report, the global unemployment rate slowed down at 5% in 2024 and is projected to tick lower again in 2026 to 4.9%. However, Youth unemployment remain high at 12.6% in 2024.
- The unemployment rates for the overall number of jobs missing, stood around 402.4 million in 2024 globally.
Highlights of the Report:
Global Economic Recovery:
i.According to the report, Global growth rates remain stable, hovering around 3.2% in 2024 and 2025.
- Inflation rates have come down from 6.7% in 2023 to 5.9% in 2024 and are expected to decelerate further in 2025.
ii.The global Labour Force Participation Rate(LFPR) remained at 61% in 2024.
ii.In 2024, the number of young people Not in Education, Employment, or Training (NEET) in Low-Income Countries(LICs) increased.
- Around 15.8 million young men (20.4%) and 28.2 million young women (37.0%) were NEET, which is an increase of 500,000 and 700,000 compared to 2023.
iii.Globally, there were 85.8 million young men (13.1%) and 173.3 million young women (28.2%) who were NEET in 2024, marking an increase of 1 million and 1.8 million, respectively, in 2023.
iv.The global jobs gap in 2024 is estimated to reach 402.4 million people, that includes 186 million unemployed people, 137 million discouraged workers, and 79 million people who want to work but are unable to due to other responsibilities like caring for others.
Southern Asia Recovery:
The ILO report indicates a strong economic performance in Southern Asia which is expected to experience a 6.2% growth in Gross Domestic Product (GDP) in 2024, with a slight slowdown to 5.8% in 2025.
- While some European countries like South Africa, reported unemployment fall at stubbornly high levels above 30% in 2024.
National Economic Recovery:
i.According to the report, the unemployment rate in India is projected to grow by 6.2% in 2024 and 5.8% in 2025.
iii.This performance is primarily attributed to monetary policy easing, robust domestic demand, and public investment in infrastructure.
About International Labour Organization (ILO):
Director- General (DG)- Gilbert Fossoun Houngbo
Headquarters- Geneva, Switzerland
Established- 1919
