Labor Organization Predicts Youth Unemployment To Increase Through 2017
Job shortages continue worldwide, especially for young people. According to the International Labour Organization, young people are three times as likely to unemployed as adults, and more than 75 million youth around the world are looking for work. And the ILO doesn’t see it improving anytime soon. It predicts the global youth unemployment rate to continue its increase in the years to come—reaching 12.9 percent by 2017, .2 points higher than in 2012.
“As the euro area crisis continues in its second year, the impacts are spreading further, slowing down economies from East Asia to Latin America,” according to the ILO. “Other regions such as Sub-Saharan Africa that had expected faster improvements in their youth labor markets will now take longer to revert to levels seen prior to the global financial crisis.“
According to ILO projections, future national decreases in youth unemployment won’t necessarily indicate young people are finding work, either.
“In developed economies, youth unemployment rates are expected to fall over the coming years, after having suffered from the largest increase among all regions at the beginning of the crisis, but principally because discouraged young people are withdrawing from the labor market and not because of stronger hiring activity among youngsters.”
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