Labour market resilience will be tested in the near term

Abstract

This chapter presents the state of the world's labour markets. On account of stronger than expected GDP growth, unemployment continued to fall in line with rising employment and labour force participation. Mounting fragilities, such as slowing growth and rising sovereign debt will take a toll on unemployment and the jobs gap in 2024, both of which are set to slightly deteriorate through 2025. Moreover, persistent working poverty and informality continue to present major challenges for social justice that are unlikely to improve over the medium term.