Job Loss May Take a Big Leap in 2024. See what you need to do

Every day, in Nigeria, one or more people are looking for a job that can help them settle their bills and most importantly, live a good life. 

However, the International Labour Organization has revealed that about 2 million people working currently may lose their jobs in 2024 and this means that the global employment rate will move from 5.1% to 5.2%. 

According to the recent report "World Employment and Social Outlook: Trends 2024" by the ILO, unemployment and the gap in job availability have decreased compared to before the pandemic. The report predicts a global increase in unemployment for 2024, pointing out worries about rising inequalities and unchanging productivity. The global unemployment rate has seen a continuous decline over the last three years, going from 6.9% in 2019 to 5.1% in 2023.

The report said that even though working poverty decreased rapidly after 2020, there's a likelihood that it will continue. In 2023, the number of workers living in extreme poverty (earning less than US$2.15 per person per day in purchasing power parity terms) increased by approximately 1 million. 

According to Punch, the report forecasted a deterioration in both the outlook for the labor market and global unemployment. "Disposable incomes have declined in the majority of G20 countries, and, generally, the erosion of living standards resulting from inflation is unlikely to be compensated quickly,” the report added. 

In 2023, the jobs gap rate was 8.2% in high-income countries, compared to 20.5% in low-income countries. Similarly, the unemployment rate in 2023 was 4.5% in high-income countries and 5.7% in low-income countries. The prevalence of informal work is expected to stay the same, making up approximately 58% of the global workforce in 2024.

“This report looks behind the headline labor market figures and what it reveals must give great cause for concern. It is starting to look as if these imbalances are not simply part of pandemic recovery but structural,” the Director-General of the ILO, Gilbert Houngbo, said. 

This is even more reason to strategize your job search and career this year. Job loss means that people will start to look for new jobs, not just "new" but ones with better security. 

Whether you have decided to look for a new job because it looks like the current one may soon end or you have decided to move into entrepreneurship, then, you need to sign up on our website. This website provides you with several job opportunities that definitely align with your field and also, resources that can help you kickstart your entrepreneurship journey. 

Reports come year in, and year out but what matters most is the steps that you take towards overcoming the several challenges surrounding the idea of having a source of income. Just sign up on our website already!