{"id":25871,"date":"2024-01-11T20:43:42","date_gmt":"2024-01-11T20:43:42","guid":{"rendered":"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo"},"modified":"2024-01-11T21:15:00","modified_gmt":"2024-01-11T21:15:00","slug":"unemployment-rate-to-rise-by-2-in-2024-ilo","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo","title":{"rendered":"Unemployment rate to rise by 2% in 2024 \u2013 ILO"},"content":{"rendered":"

Africa-Press – Eritrea. <\/strong><\/span>Job seekers, will increase this year above the 2023 records, pushing up the unemployment rate by about 1.9 per cent, a new study shows<\/p>\n

The World Employment and social Outlook Trends by the International Labour Organisation attributes the gloomy prospect to the uneven Covid-19 pandemic recovery, after it’s impact on the global labour market.<\/p>\n

\u201cThis as new vulnerabilities and multiple crises erode prospects for greater social justice,\u201d the report reads.<\/p>\n

\u201cBoth the unemployment rate and the jobs gap rate, which is the number of persons without employment who are interested in finding a job, have fallen below pre-pandemic levels. The 2023 global unemployment rate stood at 5.1 per cent, a modest improvement from 2022 when it stood at 5.3 per cent.\u201d<\/p>\n

The report adds that general jobs gap and labour market participation rates also improved in 2023, however, beneath these numbers, it says fragility is starting to emerge, triggering an extra two million workers who are expected to be looking for jobs this year, raising the global unemployment rate from 5.1 per cent in 2023 to 5.2 per cent.<\/p>\n

In Kenya, the average unemployment rate according to Trading Economics stood at 4.9 per cent as of January last year.<\/p>\n

Data by the Kenya National Bureau of Statistics (KNBS) concurs this saying the unemployment rate in the country decreased to 4.90 per cent in the fourth quarter of 2022, from 5.30 per cent in the third quarter of 2022.<\/p>\n

\u201cThe rate reached an all time high of 12.20 per cent in the fourth quarter of 2009 and a record low of 4.70 per cent in the second quarter of 2019,\u201d KNBS says.<\/p>\n

Federation of Kenya Employers recently warned of more job losses in the country as a result of the implementation of the Finance Act, 2023 and the weakening shilling that is adversely affecting businesses.<\/p>\n

In its update on the cost of doing business in the country, the body said the above mentioned factors have made the cost of doing business unsustainable by negatively impacting cash flows for many enterprises thereby impacting payrolls.<\/p>\n

Its preliminary survey revealed that 70,000 Kenyans had lost jobs in the period between October 2022 and November 2023, and more were at risk of losing their employment as employers consider more job cuts.<\/p>\n

About 40 per cent of employers were noted to have plans on reducing the number of employees to meet the increasing costs of operating in Kenya.<\/p>\n

ILO\u2019s recent projection could mean further gloom in the country\u2019s labour market, as more people will be rendered jobless.<\/p>\n

Moreover, the report says with the prevailing post-covid effects, working poverty is likely to persist.<\/p>\n

\u201cDespite quickly declining after 2020, the number of workers living in extreme poverty (earning less than $2.15 (Sh343) per person per day in purchasing power parity terms), grew by about one million in 2023,\u201d the report reads.<\/p>\n

\u201cThe number of workers living in moderate poverty (earning less than $3.65 (Sh582) per day per person) also increased by 8.4 million.\u201d<\/p>\n

Rates of informal work are expected to remain static, accounting for around 58 per cent of the global workforce in 2024.<\/p>\n

ILO therefore cautions the falling living standards and weak productivity combined with persistent inflation could create the conditions for greater inequality and undermine efforts to achieve social justice.<\/p>\n

\u201cWithout greater social justice, we will never have a sustainable recovery,\u201d it says.<\/p>\n

For More News And Analysis About Eritrea<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eritrea. Job seekers, will increase this year above the 2023 records, pushing up the unemployment rate by about 1.9 per cent, a new study shows The World Employment and social Outlook Trends by the International Labour Organisation attributes the gloomy prospect to the uneven Covid-19 pandemic recovery, after it’s impact on the global […]<\/p>\n","protected":false},"author":84,"featured_media":25870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[242,243,233],"class_list":["post-25871","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-eritrea","tag-eritrea"],"yoast_head":"\nUnemployment rate to rise by 2% in 2024 \u2013 ILO - Eritrea<\/title>\n<meta name=\"description\" content=\"Job seekers, will increase this year above the 2023 records, pushing up the unemployment rate by about 1.9 per cent, a n ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Unemployment rate to rise by 2% in 2024 \u2013 ILO\" \/>\n<meta property=\"og:description\" content=\"Job seekers, will increase this year above the 2023 records, pushing up the unemployment rate by about 1.9 per cent, a n ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo\" \/>\n<meta property=\"og:site_name\" content=\"Eritrea\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-11T20:43:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-11T21:15:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1704994880.212183.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"540\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Unemployment rate to rise by 2% in 2024 \u2013 ILO\",\"datePublished\":\"2024-01-11T20:43:42+00:00\",\"dateModified\":\"2024-01-11T21:15:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo\"},\"wordCount\":548,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eritrea\/sites\/27\/2024\/01\/sm_1704994880.212183.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Eritrea\",\"Eritrea\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo\",\"url\":\"https:\/\/www.africa-press.net\/eritrea\/all-news\/unemployment-rate-to-rise-by-2-in-2024-ilo\",\"name\":\"Unemployment rate to rise by 2% in 2024 \u2013 ILO - 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