Sep 8, 2024
By: Prerna Tyagi
In August, the ILO released its much-anticipated report titled ‘Global Employment Trends for Youth’. Let’s dive into some of its key findings:
Global youth unemployment stands at 13% in 2023 – the lowest it has been in 15 years! This marks a significant improvement, with a 13% decrease from pre-pandemic levels, except in just three regions worldwide.
Despite progress, 20% of global youth are still not in employment, education, or training (NEET) in 2023. Even more concerning, two-thirds of these NEETs are young women.
In high-income countries, 4 in 5 young adult workers (ages 25–29) have regular paid jobs, with 63% still in school or training. Meanwhile, in low-income countries, only 1 in 5 young adults are in stable employment, and only 40% have access to education or training.
The global youth unemployment rate is projected to fall even further, reaching 12.8% by 2024 and 2025.
Despite the favourable statistics, it’s not all smooth sailing. 2 in 3 young workers in developing economies are stuck in jobs that don’t match their qualifications, highlighting a major disconnect between education and available work.
A staggering two-thirds of young people are anxious about their job security. Many are stressed over job loss, economic instability, lack of social mobility, and the difficulty in achieving financial independence.
Youth perceptions of their future have a huge impact on their motivation, well-being, and decisions about education, employment, and even civic engagement. When young people are worried about what lies ahead, it affects their overall drive and potential.