Last updated on August 29th, 2024 at 06:52 pm
The United Nations estimates that world youth unemployment has fallen to a 15-year low. According to the ILO, the youth unemployment rate declined to 13.0 percent in 2023 from 13.8 percent in 2019. That is considered a strong improvement, and it is forecasted to further decline to 12.8 percent in the near term.
Uneven Recovery Across Regions
The uneven recovery from the Covid-19 pandemic persists even against the general decline. In 2023, youth unemployment rates have remained higher than before the pandemic in the Arab States, parts of East Asia, Southeast Asia, and the Pacific. The benefits of the rebound after the pandemic have not been evenly distributed, especially among specific demographic groups like young women.
NEET Rates and Job Mismatch Raise Concerns
According to the ILO’s Global Employment Trends for Youth 2024 report, increased concerns were raised regarding NEET youth. In 2023, it recorded an NEET rate of 20.4%, which disproportionately affected young women at 28.1%, while for young men, it was a considerably lower rate of 13.1%. It also shows that the mismatch between the skills of young graduates and the availability of suitable jobs is one factor adding to the challenge for the youth.
Informal Employment Incidence
Worldwide, more than half of young workers are in informal employment. Again, only regular and secure jobs lie in high and upper-middle-income economies, and therefore, many a jejune worker is found in precarious employment. Being informal, their occupation is a crucial feature of job insecurity and inadequate social protection at a younger age.
Decent Work and Social Justice Initiative
ILO Director-General Gilbert F. Houngbo declared, “Decent work for youth is fundamental, and peaceful societies rely on stability, inclusion, and social justice; decent work for the youth is at the heart of all three.” Although there are some promising economic indicators, too many youths remain concerned about their futures, with temporary employment without social protection being widespread.
Need for Substantial Advances
As the report emphasizes, countries have to make further progress toward helping young people get decent jobs. One of the persistent challenges of the past two decades has been the ability of young people to start decent work. Such gaps and problems imply a need to continue making an effort toward overcoming the challenges for inclusiveness in economic opportunities.