The global economy is navigating through uncharted waters, facing a series of interconnected challenges that call for innovative and progressive economic policies. The UN's World Economic Situation and Prospects report for 2024 projects a slowdown in global growth from an estimated 2.7 per cent in 2023 to 2.4 per cent in 2024. According to this flagship economic report, the short-term prospect is marked by persistently high interest rates, supply chain constraints, inflationary pressures, and geopolitical tensions, which contribute to a climate of economic uncertainty. Similarly, the ILO World Employment and Social Outlook (WESO): Trends 2024 report points to the deterioration of the macroeconomic environment over 2023. It also highlights the ongoing geopolitical tensions as well as persistent and broadening inflation prompting central banks in advanced and emerging economies to undertake the most rapid escalation of interest rates since the 1980s.

At the same time, the WESO report states that despite the economic slowdown and increasing fragility, labour markets showed surprising resilience. Both the unemployment rate and the jobs gap have fallen below pre-pandemic values. The global unemployment rate in 2023 showed a modest improvement in comparison to 2022, with a record of 5.1 per cent. Moreover, in 2023, labour market participation rates had largely recovered from their pandemic lows. Nevertheless, the situation is predicted to deteriorate in 2024, with an additional 2 million workers expected to be looking for jobs and a general erosion of living standards resulting from inflation is unlikely to be compensated quickly.

This situation is compounded by an increasing economic divide between higher and lower income countries. In the latter, the jobs gap rates are markedly higher and working poverty continues to persist at unacceptably high levels. Moreover, while job gaps between men and women are consistently wider across all country income groups, gender differences are most pronounced in low-income and lower-middle income countries. Although the imbalances eased somewhat in 2023, there is a growing concern that these labour market imbalances are structural, rather than cyclical. The employment landscape is hence reflecting a mixed post-pandemic recovery across the globe.

Consequently, the post-pandemic economic and social recovery remains incomplete and new vulnerabilities are hindering progress on social justice. This highlights the critical need for a strategic redirection in economic policy-making that not only navigates through these immediate challenges but also paves the way for sustainable and job-rich growth.

The "Economic Policies for Inclusive Job-Rich Growth" course, devised by the Employment Policy and Analysis Programme of the International Training Centre of the ILO in partnership with the ILO Employment Policy, Job Creation and Livelihoods Department, will equip participants with the insights and tools necessary for crafting strategies that respond to these complex challenges and with a robust understanding of how to foster economic resilience and job-rich growth.

This course is positioned as a vital platform and essential resource for policymakers, economists, and professionals seeking to make a tangible impact within their respective fields. It stands as an evolved successor to the previous year's course, transitioning the focus from the COVID-19 aftermath to a broader, forward-looking perspective on economic resilience and inclusivity. This year's edition tackles these issues head-on, providing a comprehensive understanding of the global economic situation and its implications for employment creation. As inflation remains a stubborn hurdle and supply chain disruptions continue to impact economies worldwide, the course's programme is designed to offer nuanced insights into managing these challenges effectively.