World Youth Unemployment Hits 15-Year Low In 2023 At 13%, Says UN
World Youth Unemployment Hits 15-Year Low In 2023 At 13%, Says UN
By
Muhammad Addam
Forbes Middle East Staff
Aug 12, 2024, 17:14 PM
World Youth Unemployment Hits 15-Year Low In 2023 At 13%, Says UN
The International Labour Organization (ILO) reported that 64.9 million young people aged 15 to 24 were unemployed in 2023. Image by Nomad_Soul / Shutterstock
World youth unemployment has reached its lowest level in 15 years, according to a report released by the United Nations (UN) on Monday, taking into account that some regions have yet to fully recover from the COVID-19 downturn.
Youth unemployment
The International Labour Organization (ILO) reported that 64.9 million young people aged 15 to 24 were unemployed in 2023, marking the lowest number since the start of the millennium. The global youth unemployment rate fell to 13% last year, down from 13.8% in 2019, signaling a 15-year low.
“Young people in certain regions and many young women are not seeing the benefits of the economic recovery,” the ILO said.
“[The rate] is expected to fall further to 12.8% this year and next,” it added.
However, the ILO expressed concern over the high number of young people not in employment, education, or training (NEET), highlighting that the post-pandemic economic recovery has not been universal. The NEET rate stood at 20.4% in 2023, with two-thirds of those affected being women.
Work casualization
The report, titled “Global Employment Trends for Youth 2024,” warned of the increasing casualization of work among young people and the widening gap between the number of young graduates and the availability of suitable jobs. In emerging and developing economies, access to decent jobs remains limited, with more than half of young workers engaged in informal employment.
“The picture, however, is not the same across regions. In the Arab States, East Asia and South-East Asia and the Pacific, youth unemployment rates were higher in 2023 than in 2019,” the ILO said.
In 2023, the NEET rate for young women was particularly concerning at 28.1%, compared to 13.1% for young men. The report noted that only in high- and upper-middle-income economies are the majority of young workers employed in regular, secure jobs.
Job insecurity
“None of us can look forward to a stable future when millions of young people around the world do not have decent work and as a result, are feeling insecure and unable to build a better life for themselves and their families,” said ILO chief Gilbert F. Houngbo in the report.
“Peaceful societies rely on three core ingredients: stability, inclusion, and social justice; and decent work for the youth is at the heart of all three,” added the former prime minister of Togo.
The report indicated that despite positive economic and labor market trends, surveys reveal growing concerns among young people about their future.
“Many young people today feel stressed about job loss and job stability, the state of the economy, a lack of social mobility across generations, and their prospects for eventual financial independence,” it said.
Houngbo suggested that this might be due to the fact that many available jobs “are temporary and lack social protection.”
By
Muhammad Addam
Forbes Middle East Staff
I am a Business Journalist at Forbes Middle East, a BBC award-nominated author, and a content producer, covering the latest trends and developments in the region with a special focus on finance, energy & renewables, and technology.
