Youth unemployment worldwide set to worsen

Youth unemployment worldwide set to worsen

The already dire youth unemployment situation around the world is looking to worsen as the impact of the Eurozone debt crisis spreads, said a report by the International Labour Organisation (ILO).

The UN agency warned that as the impact of the crisis continues in its second year, the impact is being spread further, slowing down economies from East Asia to Latin America.

The ILO predicted that it will contribute to a 0.2 percentage point in the global youth unemployment rate, from a forecasted 12.7% this year to 12.9% in 2017.

In a report by AFP, the ILO also said that it would be premature to be celebrate the expected drop in youth unemployment figures in developed economies, which went from a forecasted 17.5% this year to 15.6% in 2017.

This decline would arise because “discouraged young people are withdrawing from the labour market and not because of stronger hiring activity among youngsters.”

The ILO also stressed that countries should not view youth unemployment figures by region, as there could be huge gaps in the unemployment rates between countries. This is especially so in Europe: while Spain and Greece are struggling with rates of over 50%, less than 10% of youths in Germany and Switzerland are unemployed.

The organisation emphasised the need for government to urgently act to curb joblessness among young people.

"The ILO is calling for targeted measures to improve the labour market situation, especially for youth," it said, adding that governments should help provide employment and training guarantees for young people.

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