Economic Indicators

Global unemployment set to hold near historical low of 5%, ILO says

2025.01.16 06:17

GENEVA (Reuters) – Global unemployment remained steady last year at an historical low of 5%, where it is set to stay in 2025, the International Labour Organization said in a report on Thursday.

However, the Geneva-based body said that a global economic slowdown from 3.3% to around 3.2% last year, and a gradual deceleration over the medium term, will limit job creation.

“The global economy continues to expand at a moderate rate, but it is projected to gradually lose steam, preventing a stronger and more durable labour market recovery,” the ILO flagship report on global employment and social trends said.

The current global unemployment rate of 5% is the lowest in an ILO data series going back to 1991 and is projected to tick lower again in 2026 to 4.9%, the ILO said.

However, some countries and groups are failing to benefit from the positive trend, with young people face a significantly higher unemployment rate of 12.6%, the report said.

While some European countries have seen unemployment fall in recent years, countries such as South Africa reported stubbornly high levels above 30% in 2024, it said.

ILO Director-General Gilbert Houngbo, a former Prime Minister of Togo, called for bold action to help address barriers to a thriving labour market.

© Reuters. FILE PHOTO: Job seekers attend a job fair in Jakarta, Indonesia, October 8, 2024. REUTERS/Willy Kurniawan/File Photo

“The world must embrace new approaches to social justice that generate decent work,” he said in the report’s preface.

The 84-page report also includes recommendations to boost job creation through investment in education plus a proposal for new private funds from migrants’ remittances sent back home to boost development in poorer countries.



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