Slowdown of the global economy and uneven recovery of labor markets

Global labor markets have experienced an uneven recovery from the Covid-19 pandemic crisis. As for Africa, key employment indicators, including unemployment rates, have not yet returned to pre-pandemic levels.

Global economic growth is expected to slow from an estimated 2.7% in 2023 to 2.4% in 2024, below the 3% growth rate recorded before the pandemic, according to the report titled “Situation and outlook for the world economy 2024”, recently published by the United Nations Department of Economic and Social Affairs.

In the short term, the persistence of high interest rates, the continued escalation of conflicts, the sluggishness of international trade and the increase in climate disasters constitute significant challenges for global growth, according to the UN.

The International Labor Organization (ILO) also underlines in its report on “Global Employment and Social Issues: Trends 2024”, that the global unemployment rate is expected to increase in 2024, while the increase in social inequalities gives rise to concerns.

Global labor markets have seen an uneven recovery from the pandemic crisis. In developed economies, labor markets are holding up despite slowing growth. However, in many developing countries, particularly in West Asia and Africa, key employment indicators, including unemployment rates, have not yet returned to pre-pandemic levels.