ILO projects continued reduction in global youth unemployment rates

(MENAFN) The International Labour Organization (ILO) has projected a continued reduction in global youth unemployment rates, which have recently hit their lowest level in 15 years, according to a report released on Monday. While this marks a positive development, the ILO has also raised concerns about rising job insecurity that is increasingly troubling for the youth.

The ILO report underscores a significant issue: a large number of individuals aged 15 to 24 are neither participating in the workforce nor in educational or training programs. This challenge is compounded by the fact that the global job market has yet to fully rebound from the disruptions caused by the COVID-19 pandemic.

The organization’s statement highlights that not all young people are benefiting equally from the ongoing economic recovery. Particularly, certain regions and many young women continue to face difficulties in accessing the opportunities afforded by the recovery. The youth unemployment rate was recorded at 13 percent in 2023, representing the lowest figure in 15 years and a decrease from the 13.8 percent rate observed in 2019 before the pandemic. The ILO anticipates this rate will further decline to 12.8 percent in 2024 and 2025.

Despite this overall decline, the total number of unemployed youths has reached 64.9 million, the lowest level since 2000. Nevertheless, the ILO points out that improvements are not consistent across all regions. Youth unemployment rates in the Arab region, East Asia, Southeast Asia, and the Pacific remain higher in 2023 compared to 2019, highlighting significant regional disparities in the pace of employment recovery.

The report emphasizes the necessity for targeted measures to ensure that the benefits of economic recovery are more evenly distributed and to provide support for those young people who are still excluded from the labor market and educational opportunities.

MENAFN13082024000045015687ID1108548679