As the global economy continues to slowdown, things are getting worse for nearly everyone. Irrespective of their age, religion or nationality. But the generation that seems to be bearing the maximum brunt of it is the youth. As per the International Labor Organisation (ILO), the unemployment in the age group of 15 to 24 years is getting worse. It is set to increase to 12.9% by 2017 from its current level of 12.7%.
The problem is that even if the global economy accelerates, these youth may not find a job soon enough. As a result, unemployment rate would continue to be high. Considering that this is the generation that will spearhead future economic growth, the unemployment rise is a serious concern for all countries. As per ILO, the only way to resolve the situation is through global policy reforms. Reforms that would drive growth in every economy. That is the foundation for long term sustainability.
The problem is that even if the global economy accelerates, these youth may not find a job soon enough. As a result, unemployment rate would continue to be high. Considering that this is the generation that will spearhead future economic growth, the unemployment rise is a serious concern for all countries. As per ILO, the only way to resolve the situation is through global policy reforms. Reforms that would drive growth in every economy. That is the foundation for long term sustainability.
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