1、 World Employment and Social Outlook:May 2024 Update 1 World Employment and Social Outlook:May 2024 Update The global unemployment rate is projected at 4.9 per cent in 2024,slightly lower than in 2023(5.0 per cent)and a downward revision from the previous projection of 5.2 per cent(see World Employm
2、ent and Social Outlook Trends 2024 report),but the trend is now flat.The lack of progress in further reducing labour underutilisation is worrying as employment deficits are still large.The latest ILO estimates of the jobs gap show that 402 million persons are without a job but wanting to work in 202
3、4.This includes the 183 million who are counted as unemployed.Moreover,these deficits are unevenly distributed,with larger gaps in developing countries and for women.Whats holding women back?In 2024,the ILO estimates that 45.6 per cent of women(aged 15 and above)are employed,compared to 69.2 per cen
4、t of men,a gap of 23.6 percentage points.Novel ILO evidence suggests that this gap mainly stems from family responsibilities(marriage and parenthood),indicating that womens disproportionate share of unpaid care work plays a major role in shaping gender employment gaps globally.Even when women are em
5、ployed,they receive sizeably lower labour income than men especially in the developing world.In high-income countries,employed women earn 73 cents to the dollar compared to employed men.In low-income countries,women earn just 44 cents to the dollar.Measuring what matters.GDP growth is important,but
6、it is not a panacea for sustainable development.Global trends show that progress in reducing poverty and informality has slowed down since 2015 and the relationship between these indicators and GDP has weakened.Moreover,formal job creation has not kept pace with a growing working-age population.The