Employment and social trends by region

Abstract

Chapter 2 presents labour market trends by broadly defined regions. Headline indicators show an improvement in most regions, with a slight deterioration for 2024 and considerable downside risk. Employment is growing in all regions, although often driven by growth in the working‐age population. Employment‐to‐population ratios are also approaching pre‐pandemic (2019) levels in most regions. Unemployment rates are also recovering to pre‐pandemic levels, with similar subregional exceptions, including non‐GCC Arab States and East Asia, for which ratios remain above 2019 levels. Considerable heterogeneity remains across subregions and different labour market dimensions. Weaker job growth is expected in 2024 owing to various geopolitical tensions and tighter global monetary conditions.