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News: The International Labour Organisation (ILO) has released its flagship World Employment and Social Outlook: Trends 2025 (WESO Trends) Report.
Key findings of the Report
- Global unemployment stood steady at 5 percent in 2024.
- Young people continue to face a much higher unemployment rate of around 12.6 per cent.
- Key challenges facing the labour market include geopolitical frictions, rising costs of climate change, and unresolved sovereign debt risks.
- The report states that low-income countries continue to be vulnerable as the progress in decent work creation has been slowest in these countries.
- Global unemployment has remained steady, but real wage growth has picked up only in a few advanced economies.
- The real wage growth has partly remained weak due to the shift in labour market power towards employers over the past decade which adversely affects vulnerable groups and young people.
- The report has expressed concerns over continued gender gaps in participation as women participation in labour market continues to be significantly lower than men.
- The labour force participation has increased only in advanced economies, especially among older workers and women.
