ILO "Global Unemployment Rate Hit Record Low of 5% Last Year... Expected to Remain Similar This Year"

The International Labour Organization (ILO) reported that the global unemployment rate last year reached a historic low of 5%, and it is expected to remain at a similar level this year.

On the 16th (local time), the ILO released a report stating, "Last year, central banks in various countries succeeded in bringing inflation rates close to their targets without causing a downturn in the labor market," and analyzed that the unemployment rate will remain at a historic low for the third consecutive year through this year.

The report also noted, "Although the unemployment rate remained stable, real wage increases were observed only in some advanced countries, and most countries have not yet recovered the wage losses caused by the COVID-19 pandemic and the subsequent inflation."

It further pointed out, "In low-income countries, progress in creating quality jobs is particularly lacking, and rising costs due to geopolitical tensions and climate change will hinder the establishment of sustainable labor markets."

The report stated, "The youth unemployment rate remains high at 12.6% last year," emphasizing that "providing skills and education to enable the younger generation to successfully participate in the labor market is essential."