Around the world, young people ages 15 to 24 are having a much harder time finding work than the same age group did in 2007. What is even more worrying, this group of young people that is disconnected from education and the labor markets is increasing in number. By 2018 the global youth unemployment rate is projected to rise to 12.8 percent with growing regional disparities. But unemployment does not paint the total picture of the challenge for youth, as many who have left education do not even appear in labor market statistics.
The risks posed by having an entire generation ‘scarred’ by negative long-term effects has prompted many governments to take strong actions, such as funding more youth labor programs. But government programs cannot solve the entire issue alone and well-coordinated efforts must come from all key stake-holders, including employers, trade unions, NGO’s and naturally from youth themselves.
Looking a bit deeper, there are several key factors that are contributing to the rise of youth unemployment.