Global Youth Unemployment Trends
Youth unemployment is a significant concern worldwide, particularly for those aged 15 to 24. According to the latest report by the International Labour Organization (ILO), there were 64.9 million unemployed youths globally last year, translating to a 13% unemployment rate. Encouragingly, this figure is expected to decline further, reaching 12.8% by 2024 and 2025.
Economic Recovery Post-Pandemic
The reduction in youth unemployment is primarily attributed to robust economic growth following the COVID-19 pandemic. This growth has increased the demand for youth labor, resulting in a 15-year low in unemployment rates. However, the pace of recovery has been uneven across different regions.
Regional Disparities in Unemployment
While most regions have seen youth unemployment rates return to or fall below pre-pandemic levels, certain areas like the Arab States, East Asia, and South-East Asia & the Pacific have experienced higher rates compared to 2019. For the Arab States, this trend is a continuation from pre-COVID times, but for Asian subregions, it represents a shift from the stronger growth experienced in the pre-pandemic era.
Challenges Facing Africa's Youth
Africa's situation is unique due to its far lower average population age compared to more developed regions. The ILO highlights the impending "youthquake," where rapid youth population growth may challenge economic sustainability. Job creation becomes crucial for ensuring social justice and sustaining the future of the global economy.
Implications for Global Economy
As youth unemployment rates continue to decrease, it is essential for policymakers to focus on creating sustainable employment opportunities, particularly in regions lagging behind. The emphasis should be on economic planning and development strategies that support youth integration into the workforce, ensuring a healthier global economy in the long term.
