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Global youth unemployment hits 15-year low of 13% in 2023: ILO
Industry News- Aug 13,24
The rate is projected to decline further to 12.8% in the coming years.
The International Labour Organisation (ILO) has released a report indicating that the global youth unemployment rate fell to a 15-year low of 13% in 2023, down from 13.8% in 2019. This decrease, which represents 64.9 million young people, is attributed to resilient economic growth and a rebound in labor demand following the Covid-19 pandemic. The rate is projected to decline further to 12.8% in the coming years.
The report, titled ‘Global Employment Trends for Youth 2024’ highlights regional and gender disparities. In regions such as the Arab countries, East Asia, Southeast Asia, and the Pacific, youth unemployment rates in 2023 were higher than in 2019. The reduction in unemployment has also been less pronounced among women, with youth unemployment rates being nearly equal for young men (13%) and young women (12.9%) in 2023, contrasting with pre-pandemic years when young men faced higher rates.
The report also raises concerns about the high percentage of young people who are not in employment, education, or training (NEET), which stands at 20.4%. Notably, two-thirds of these NEET individuals are women. Gilbert F. Houngbo, Director-General, ILO emphasisd that opportunities remain highly unequal, particularly affecting young women, those with limited financial resources, or from minority backgrounds.
Additionally, the report points out that many young workers are employed in the informal sector globally, with only high- and upper-middle-income countries providing regular and secure jobs. In contrast, a significant portion of young workers in low-income countries are limited to self-employment or temporary roles.
The report warns that high NEET rates and the lack of decent jobs are fuelling anxiety among the most educated youth cohort ever. Houngbo noted, “None of us can look forward to a stable future when millions of young people around the world do not have decent work, and as a result, are feeling insecure and unable to build a better life for themselves and their families.”
Long-term trends indicate limited growth in “modern” services and manufacturing jobs for youth. Additionally, the supply of high-skill jobs has not kept pace with the growing number of educated young people, especially in middle-income countries.
(Business Standard)
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