The International Labor Organization published a report this week, which contains information that the global unemployment rate last year was steady at a historic low of 5%.
The mentioned organization, based in Geneva, expects that the specified indicator will remain in 2025.
Also in the report published by ILO, it was noted that the global economic slowdown from 3.3% to about 3.2% last year, and a gradual deceleration over the medium term, will limit job creation.
The Geneva-based organization also stated that the world’s economy continues to expand at a moderate pace, but it is projected to gradually lose steam which is an obstacle to a stronger and more durable labor market recovery.
The current unemployment rate in the world, at 5%, is the lowest since 1991. The report published by ILO contains information that the mentioned indicator is expected to decrease to 4.9% in 2026. At the same time, it was separately noted that some countries and population groups cannot take advantage of this positive tendency, as young people face significantly higher unemployment rates, which amount to 12.6%.
In some European countries, there has been a decline in joblessness in recent years. During the same period, states such as South Africa reported consistently high unemployment rates exceeding 30% in 2024.
ILO Director-General Gilbert Houngbo, a former Prime Minister of Togo, called for bold action to help address barriers to a thriving labor market. In this context, it was noted that the world must embrace new approaches to social justice that generate decent work.
As we have reported earlier, US Job Growth Beats Expectations.
