The world is seeing a slight increase in unemployment, raising concerns about economic security. According to the International Labour Organization (ILO), the global unemployment rate reached 5.2% in 2024, up from 5.1% in 2023. This translates to roughly an additional 2 million people looking for work.
What's driving the rise?
- Slowing economic growth: The global economy is experiencing a slowdown, leading some businesses to cut back hiring.
- Geopolitical tensions: Unrest and conflict in certain regions can disrupt supply chains and hinder economic activity.
- Automation: While automation can create new jobs, it can also displace workers in certain sectors.
The human cost of unemployment:
- Financial hardship: Difficulty paying bills and supporting families.
- Mental health impacts: Increased stress, anxiety, and depression.
- Decreased social mobility: Struggle to find new opportunities and climb the economic ladder.
What can be done?
- Government policies: Invest in infrastructure, support job training programs, and promote economic growth.
- Business investment: Create new jobs through innovation and expansion.
- Upskilling and reskilling: Equip workers with the skills needed for the jobs of tomorrow.