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ILO’s Financing gap for universal social protection
June 5 , 2024
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- An additional 1.4 trillion USD is needed to achieve universal social protection across low- and middle-income countries.
- All low- and middle-income countries have a financing gap of 3.3 percent of GDP.
- But to low-income countries, this goes up to 52.3 percent of their GDP.
- Regionally, Africa is facing the biggest challenge in achieving universal coverage, with a financing gap of 17.6 percent of regional GDP per year.
- This is followed by low- and middle-income countries in the Arab states with a financing gap of 11.4 percent of regional GDP and Latin American and the Caribbean with a gap of 2.7 percent.
- According to ILO statistics, today, 4.1 billion people worldwide still lack social protection.
- Only 29% of the world’s population has adequate social security coverage and 55% lacks any coverage at all.
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