Global youth unemployment rate drops to 15-year low
Date
8/12/2024 2:45:35 AM
(MENAFN) The International labor Organization (ILO) reported on Monday that the global youth unemployment rate, which is currently at its lowest in 15 years, is expected to decline further. However, the ILO expressed concern over the growing issue of job insecurity among young people.
The organization also highlighted a troubling trend involving a significant number of young individuals, aged 15 to 24, who are neither employed nor engaged in education or training, as reported by a French press agency. Additionally, the ILO noted that global employment has not fully recovered following the Covid-19 pandemic.
According to the ILO's statement, not all young people are benefiting equally from the economic recovery, particularly in certain regions and among young women. In 2023, the global youth unemployment rate stood at 13 percent, the lowest in 15 years, down from 13.8 percent in 2019, before the pandemic. The rate is projected to further decrease to 12.8 percent in 2024 and 2025, with the total number of unemployed youth dropping to 64.9 million, the lowest since 2000.
However, the report emphasizes that youth unemployment rates vary significantly by region, with Arab countries, East Asia, Southeast Asia, and the Pacific experiencing higher rates in 2023 than in 2019. The ILO also underscored the growing anxiety among young people due to job insecurity, which hampers their ability to achieve financial independence and progress in life. The ILO's director-general, Gilbert F. Houngbo, stressed that a stable future is unattainable as long as millions of young people lack access to decent jobs, leading to insecurity and hindering their efforts to build better lives for themselves and their families. The ILO also noted that globally, more than half of young workers are employed in informal jobs.
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