International Labour Organisation (ILO), in its ” World Employment and Social Outlook: Trends 2024.” report has warned against possible rise in unemployment globally in 2024. It is also a matter of concern that social inequalities in the world continue without change. Real wages declined in most G20 countries in 2023 as wage rates fail to keep pace with inflation pushing one million workers into extreme poverty.The ILO report further states that growing inequalities and stagnant productivity are causes for concern. The macroeconomic environment deteriorated significantly over 2023. Ongoing geopolitical tensions as well as persistent and broadening inflation triggered frequent and aggressive moves by central banks, the report observed.

Only China, the Russian Federation and Mexico enjoyed positive real wage growth in 2023. The strongest wage gains were in China and the Russian Federation, where labour productivity growth was among the highest in G20 countries. ( Source: The Hindu)