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Fears of increasing unemployment rates among young people
Economic 2024/08/13
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The International Labor Organization expected a further decline in the global youth unemployment rate, which recorded its lowest level in 15 years. However, the organization warned in a report of growing concern due to the job insecurity facing many young people.
The report indicated that the youth unemployment rate, which reached 13% in 2023, is the lowest since 2008, recording a decrease from the 13.8% rate in 2019 before the pandemic.
The report expects the rate to continue to decline to 12.8% in 2024 and 2025.
However, the organization reported that the number of unemployed youth reached 64.9 million, the lowest number since 2000, but the situation varies from one region to another. Youth unemployment rates in the Arab States, East Asia, Southeast Asia, and the Pacific remain higher than in 2019.
Regarding employment after the COVID-19 pandemic, the report indicated that the global recovery has not been fully achieved, and that employment is still suffering from a lack of full recovery. The International Labor Organization confirmed that young people in some regions, especially young women, are not fully benefiting from the economic recovery.
The Director-General of the Organization, Gilbert F. Houngbo, explained that “the lack of decent jobs for millions of young people causes them anxiety and insecurity, affecting their ability to build a better future for themselves and their families.”
According to the report, more than half of young workers work in informal jobs worldwide, while opportunities for decent jobs remain limited in emerging and developing economies. The report indicated that 20.4% of young people, or one in five, are neither in employment, education, nor training, and a third of them are women.
The report concluded by noting that unemployment rates among young women (12.9%) and young men (13%) in 2023 were almost equal, after unemployment rates were higher among young men in the years preceding the pandemic.
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