Resilient economic growth following the Covid-19 pandemic, combined with a strong rebound in labour demand, has improved the global labour market outlook for young people aged 15 to 24, a report published on Monday by the International Labour Organization (ILO) showed.
The youth unemployment rate in 2023 will be 13 percent, equivalent to 64.9 million people. This is the lowest point in 15 years and down from 13.8 percent in 2019, before the pandemic. It is expected to fall further this year and next year to 12.8 percent.
“Resilient economic growth rates and a strong rebound in labour demand benefited young entrants to the labour market in the post-crisis environment. The total number of unemployed youth (in 2023) globally was the lowest since the start of the millennium,” said the report titled ‘Global Employment Trends for Youth 2024’.
However, the picture differs by region and gender.
In the Arab countries, East Asia, Southeast Asia and the Pacific, youth unemployment rates were higher in 2023 than in 2019. Also, the decline in youth unemployment rates was smaller among women, with youth unemployment rates for both young women and young men being almost the same in 2023 (12.9 percent for young women and 13 percent for young men), in contrast to the years before the pandemic, when the rate for young men was higher.
The report also warns that the number of young people not in employment, education or training (NEET) is “concerning”, at 20.4 percent, while two in three young NEETs globally are women.
“The report reminds us that opportunities for young people are highly unequal, with many young women, those with limited financial resources or those from minority backgrounds still struggling. Without equal access to education and decent jobs, millions of young people are missing out on a better future,” ILO Director-General Gilbert F Houngbo said in a statement.
For those young people who do work, the report notes that there has been no progress in finding decent jobs, saying that more than half of young workers globally are in informal employment. It says that only in high- and upper-middle-income economies do the majority of young workers today have regular, secure employment, while three in four young workers in low-income countries will only be self-employed or in temporary paid employment.
The report warns that persistently high NEET rates and insufficient growth in decent jobs are raising concerns among today’s youth, who are also the most educated youth group ever.
“None of us can look forward to a stable future if millions of young people around the world do not have decent jobs and are therefore left feeling insecure and unable to build a better life for themselves and their families,” Houngbo said.
Looking at longer-term trends, the report notes that growth in “modern” services and manufacturing jobs for young people has been limited. Also, the supply of high-skilled jobs to match the supply of educated young people has not been sufficient, particularly in middle-income countries.
First publication: Aug 12, 2024 | 03:35 AM IST