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Youth in Revolt: The Global Youth Unemployment Crisis

The United Nations' International Labour Organization (ILO) estimates that close to 75 million 15 to 24-year-olds around the globe are out of work. With economies on the brink, world governments must contend with nations of... YOUTH IN REVOLT The Global Youth Unemployment Crisis HOPELESS 12.7 12.7. 12.6 12.6 12.7% of the world's youth are unemployed. 11.7 11.6 Global Youth Unemployment & Unemployment Rate, 2007-2012 Youth Unemployment (millions) Youth Unemployment Rate (%) 2007 2008 2009 2010 2011 2012 Globally - One in eight youths are unemployed Youth unemployment around the world [2007 vs. 2012] 2007 (%) 2012 (%) 21.6........ Greece 51.2 19.7. Spain 51.1 19.7. Portugal 36.1 21.3........ Italy 35.9 13.6....... UK 21.9 18.3. France 21.8 9.4 New Zealand 16.7 11.7 United States 16.4 7.1 Denmark 15.1 11.0.....•.. Canada 13.9 IN THE U.S. 2.7 million fewer jobs 18 % of American teens say they'll be financially independent when they turn 20 for people ages 16 to 24 than there would have been if the economy remained healthy ... compared to 44% in 2011 1 out of 2 college grads M were unemployed or underemployed in 2011 Youth unemployment is staggering and roughly the size of the entire population of 9 $1 Trillion more than what owed in student loans Americans owe Chicago. U.K. In economic terms or $25,000 on credit cards or loans borrower IN THE One in five youths are unemployed. youth unemployment equates to £10m a day in lost productivity and the total direct cost of youth unemployment is £4.7bn a year. .. or 1.1 million young people 12 1 in 4 rely on state benefits as their main source of income. 264,000 average student debt in UK is youth have been out £26,000 1 in 5 believe they are unlikely to ever get a job or career in the future. of work for 12 months. up from 75,000 in 2001 THE REST OF THE WORLD The unemployment rate of European youth costs the EU a grand total of €153 billion ($198 In Hungary, If a medical student wishes One in two young Greeks and to receive a free state-sponsored billion) a year d 1.2% of GDP. Spaniards are out of work University education, they will be forced to sign a contract promising to stay in In the hopes of saving 102 billion the country for at least a decade after Euros between 2012 and 2013, graduation. Spain has cut every government budget including the healthcare 30% of European youths are system resulting in lower wages trapped in part time work. and less jobs for doctors, forcing them to seek out employment 1in 10 Portugese graduates are outside the country. Arab world has the highest youth leaving the country. unemployment rate and this problem is costing Arab countries $40 Billion annually. More than six million young people worldwide have given up looking for Global youth unemployment will continue to rise over the next five years, according to the International Labour Organization. work and are becomingly increasingly detached from society. THE FALL OUT "Young people were innocent bystanders in the global financial crisis, but they may well end up paying the heaviest price for the policy Youth unemployment leaves a "wage scar" in the form of lower earnings that can last into middle age. The longer the period of unemployment, the bigger the effect. By the age of 42, someone who had frequent periods of O) unemployment in their teens is likely to earn 12-15 percent less than their peers. mistakes that have led us to Studies find evidence that periods of unemployment for a young person hurt the individual's happiness, job where we are today." satisfaction, and health for many years there after. - Nemat Shafik, Deputy Managing Director, IMF Proposed Solutions Apprenticeship Systems Workplace Training Vocational Training Address Skill Mismatches Balance Theory & Practice Government Priority Invest in and mentor as Structural, Non-Cyclical Policy young entrepreneurs Affordable Education Hiring Incentives Extend Social Protection "The youth unemployment crisis can be beaten but only if job creation for young people becomes a key priority in policy making and private sector investment picks up significantly." - José Manuel Salazar-Xirinachs, Executive director of the ILO employment sector WHAT THE EXPERTS ARE SAYING... "Youth unemployment can reduce male individuals' wages "Worldwide youth unemployment intensifies every year. Industries and marketplaces evolve so fast that even the educational system struggles to adapt in time. The consequence is that our growing youth fail to learn the right skills and aptitudes before the world reinvents itself by between 13% & 21% by the again. Unemployment isn't a problem that can be solved age of 42." by governments alone, but together through creative - Katy Jones, The Work Foundation collaboration between the public and private sector, and with the global community at large. This was recently demonstrated in the crowdsourced OpenlDEO platform." "On 30 January 2012, at the European Council, European - Bryann Alexandros, OpenlIDEO Commission President José Manuel Barroso announced that €82 billion in EU structural funds, out of the total €347 billion for 2007-2013, had yet to be allocated and could be redeployed. MEPS regret that, after four years "We see youth as a problem and a burden, not recourse or a solution." of crisis, this €82 billion has remained unspent. They urge the Commission to propose, as a priority, to redeploy a substantial part of that money into projects - Miika Tomi, SciencesPO. for young people." - European Parliament "Lots of young school leavers and graduates are facing pretty grim prospects with a slow recovery from the economic crisis across the developed world." - Matthew Sinclair, The Taxpayers' Alliance ".People who say that they want to abolish long-term "For many young Europeans, a direct path from school into youth unemployment have a responsibility to put in place a secure job is no longer the rule. Instead temporary and the policies to do so, not least because young people who scattered episodes of employment are becoming hear that message from the Government will feel a double increasingly common. Young people are constantly betrayal-it is one thing to be long-term unemployed, it is bouncing backwards and forwards between education, another to be told that the Government will help them out training, precarious employment, unemployment and of it, but then do not do so." internships. "Young people therefore do not develop a clear picture of what type of job and what level of income they - David Milliband, Member of Parliament for South Shields &Chairman of can aspire to', says Hans Dietrich. Their dependence on the ACEVO Commission on youth unemployment financial support from their family, with whom they continue to live for a long time as grown-up children, also prevents them from being mobile in their search for a job. Young people are more likely to feel socially excluded by "The next generation have a mountain to climb. Advancing technologies and fierce competition make getting a job even more difficult. That's not to say impossible. Those with exceptional skills and drive will continue to achieve." their unemployed status than just "poor'. 'Life does not begin', is how Dietrich puts it. Not being part of the job market in your younger years has a greater psychological impact than being unemployed as an adult." -Current Country Studies by Friedrich-Ebert-Stiftung - James Max, LBC Radio Weekend Breakfast presenter Sources: the_United_Kingdom http://www.lo.cog/wonsp5/groups/publc/---dgreports/---dcomm/doxuments/publkation/woms_180976.pdf htp://'16/youth-unemployment-europe-cecd htp:// htp://theyec.org43-troubling-facts-about-the-youthunemployment-risis/ htp:// htp:// 3929 Copyright of BY NC SA 70.3 70.8 75.4 74.8 * 74.5 * 74.6

Youth in Revolt: The Global Youth Unemployment Crisis

shared by obizmedia on Mar 18
1 comment
Youth unemployment is not just a present day problem as it has been to shown to have lingering effects including periods of depression, low job satisfaction and poor health in later years.



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