Global Youth Unemployment Rate At Lowest Level For 15 Years, Says UN

Global youth unemployment has reached its lowest level in 15 years, according to a report from the United Nations released on Monday. However, not all regions have fully rebounded from the economic impacts of the Covid-19 pandemic. The UN's labor agency expressed concern over the number of 15- to 24-year-olds who are classified as not in employment, education, or training (NEET), highlighting that the recovery has been uneven across different areas. "Young people in certain regions, particularly many young women, are not reaping the benefits of the economic revival," stated the International Labour Organization (ILO). In 2023, the total number of unemployed young individuals worldwide stood at 64.9 million, marking the lowest figure since the turn of the millennium. The youth unemployment rate of 13 percent last year represents a significant decline, down from 13.8 percent in 2019, before the pandemic. The ILO anticipates this rate will further decrease to 12.8 percent in the coming years. However, the situation varies significantly across regions. Youth unemployment rates in the Arab States, East Asia, and Southeast Asia and the Pacific were higher in 2023 compared to 2019. The ILO's Global Employment Trends for Youth 2024 report warned about the increasing casualization of work among young people and the growing disparity between the number of young graduates and available suitable job opportunities. It noted that too many young individuals remain NEETs, with limited access to decent job prospects in emerging and developing economies. In 2023, the NEET rate was recorded at 20.4 percent, with two-thirds of these individuals being women. The NEET rate for young women reached 28.1 percent, while for young men it was significantly lower at 13.1 percent.