This article explores the various demand side and supply side measures to tackle the youth unemployment crisis in both developed and developing markets.
As leaders and young people around the world are acutely aware, youth unemployment levels are already disturbingly high and the problem is getting worse. An exploding youth population1 and lag in job growth are key causes. Population pressures from increasing numbers entering the labor market every year, particularly in Africa and Asia, create opportunities for ‘demographic dividends’, but in turn will only continue to drive the need for higher levels of job creation. Other factors such as the global financial crisis, the 2009 Eurozone crisis, and longer term trends in global trade, technology, and competition, have also increased pressure points on this crisis.
1. United Nations Department of Economic and Social Affairs (UNDESA). 2012. “UN World Youth Report 2012"