600m youths unemployed worldwide, says World Bank

In from Ali Smart … .

The World Bank has made a startling revelation of the rising unemployment crisis globally, stating that one third of the world’s 1.8 billion young people are currently neither in employment, education or training.

Of the one billion more youth that will enter the job market in the next decade, only 40 percent are expected to be able to get jobs that currently exist.

The global economy will need to create 600 million jobs over the next 10 years – five million jobs each month – simply to keep pace with projected youth employment rates.

Reversing the youth employment crisis is a pressing global priority and the socio-economic cost of inaction is high, says a new report from the World Bank.

This inaugural report, entitled: ‘Toward Solutions for Youth Employment: A 2015 Baseline Report,’ was released today by Solutions for Youth Employment (S4YE) – a multistakeholder global coalition established to improve youth access to work opportunities.

This coalition is a partnership started by the World Bank Group, Plan International, the International Youth Foundation (IYF), Youth Business International (YBI), RAND, Accenture, and the International Labour Organization (ILO).

Read also: Unemployment rate worsens to 6.1m in Q2

“Young people account for 40 percent of the world’s population – the largest youth generation in human history – but they are disproportionately affected by unemployment. This is a persistent problem. Approximately 30 percent of young people are not in employment, training or education, and around the world, young women are worse off. We need to act now, and we need to act together if we are going to realise the significant opportunities presented by this many young people today,” said Matt Hobson, S4YE Coalition Manager.

While circumstances differ in various regions, the report adds, the issues remain the same – the world’s youth are unable to find sustainable productive work. This contributes to inequality, spurs social tension, and poses a risk to present and future national and global prosperity and security.

This report provides a baseline of trends, identifies constraints, and provides potential solutions to the youth employment crisis based on knowledge of successful and promising programmes. It also highlights specific population – young women, youth in conflict-affected and fragile states, as well as rural and urban youth – that requires dedicated attention.

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