Last Year's Global Unemployment Rate at Record Low of 5%... "Expected to Maintain This Year"

Quality Job Creation Still Lacking

Improvement Needed in Low-Income Countries

Last year, as the global economy grew moderately, the unemployment rate hit a record low of 5%. It is expected to maintain a similar level this year.

On the 16th (local time), the International Labour Organization (ILO) reported that "last year, central banks in various countries succeeded in bringing inflation rates close to target without causing a downturn in the labor market," and predicted that "the unemployment rate will remain at a record low for three consecutive years until this year." The 5% unemployment rate is similar to the level in 2023.

However, youth jobs and quality jobs are still lacking. The report pointed out that "while the global unemployment rate has remained stable, real wage growth has only been observed in some advanced countries with strong labor demand, and most countries have not recovered the wage losses incurred during the COVID-19 pandemic and inflation."

It continued, "In particular, the creation of quality jobs in low-income countries has not progressed, and rising costs due to geopolitical tensions and climate change will hinder the creation of a sustainable labor market," and argued that "since the youth unemployment rate was still high at 12.6% last year, skills and education should be provided to enable the younger generation to participate in the labor market."

Hyein Lee, Reporter hey@hankyung.com