2024-08-12 06:58:39
Even if the trends are positive, the job market is still far from being a haven for new entrants. If global youth unemployment, which is at its lowest level in 15 years, is expected to fall further, the International Labor Organization (ILO) expressed concerns about job insecurity in a report released on Monday.
The ILO also warned in the report that the number of young people aged between 15 and 24 who are neither in employment, education nor training (NEET) is worrying.
A total of 64.9 million young people are unemployed
She further warned that the job recovery following the Covid-19 pandemic has not been universal. “Young people in some regions and many young women have not benefited from the economic recovery,” the ILO said.
In terms of numbers, the youth unemployment rate in 2023 is 13%, the lowest level in 15 years, down from 13.8% in 2019 before the pandemic. It is expected to fall further to 12.8% in 2024 and 2025. As for the total number of unemployed young people, it is 64.9 million, the lowest number since 2000.
“However, the picture varies across regions. In the Arab States, East Asia, and Southeast Asia and the Pacific, youth unemployment rates are higher in 2023 than in 2019.”
The report also highlights that “the global trend towards job insecurity is causing increasing anxiety among young people who aspire to gain financial independence and take the next steps in their adult lives.” “None of us can expect a stable future when millions of young people around the world are without decent work and thus feel insecure and unable to build better lives for themselves and their families,” worries the Secretary-General of the United Nations International Labour Organization, Gilbert Houngbo.
Men benefit more from rehabilitation
The ILO noted that globally, more than half of young workers are in informal jobs and “access to decent work remains limited in emerging and developing economies.” The report also stated that by 2023, one in five young people, or 20.4% of the world’s population, will fall into the NEET category. Two-thirds of these young people will be women.
Our employment profile
Young men benefited more from the labor market recovery than young women: in 2023, the unemployment rates for young women (12.9%) and young men (13%) were almost the same, unlike in the pre-pandemic years. The proportion of young people was higher.
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