GENEVA, Switzerland: Global unemployment has remained steady at a record low of five percent in 2024, with the International Labour Organization (ILO) predicting the rate will hold at this level through 2025.

However, the ILO's latest report warns that a slowing global economy may hinder further job creation and labor market recovery.

"The global economy continues to expand at a moderate rate, but it is projected to gradually lose steam, preventing a stronger and more durable labor market recovery," the ILO's flagship report on global employment and social trends stated.

Despite the stability in unemployment figures, disparities persist. The global youth unemployment rate stands at 12.6 percent, more than double the overall rate. In some regions, the situation is particularly dire. South Africa, for instance, reported unemployment rates exceeding 30 percent in 2024, while many European countries have seen notable improvements in their labor markets.

ILO Director-General Gilbert Houngbo called for innovative solutions to promote equitable labor market access. In the report's preface, he wrote, "The world must embrace new approaches to social justice that generate decent work."

The report, covering trends and recommendations, emphasizes the need for investment in education to drive job creation and reduce inequality. It also proposes utilizing private funds, such as remittances from migrants, to support development in low-income countries.

While the global unemployment rate is expected to tick down slightly to 4.9 percent by 2026, the report underscores the importance of proactive measures to address structural barriers in the labor market and ensure inclusive growth for all.