According to the World Economic Forum, youths make up 17% of the world’s population, meaning that around 1.2 Billion people are aged between 15-24 years, whose 87% live in the developing countries. This is even worse because the youths make up 40% of the world’s unemployed. Even more threatening is the fact that the global unemployment rate is 4.5% while that of the youths is 12.6%. This means that a youth has a risk of 3.1% higher of not getting a job at all.
The UN recently estimated that the global youth unemployment will continue to rise exponentially. By 2018, it is estimated that this rate of unemployed youths globally will rich 12.8%. By 2013, there were around 74 Million unemployed youths around the world, which was an increase by 3.5Million from 2007. This rate I alarming, and some commentators have called it a ‘ticking time bomb waiting to explode’. The ratio of unemployed youths is 2.7, which means that there is thrice the number of unemployed youths to adults. This is disturbing, debilitating and discouraging.
That one in every six young people is unemployed is a major source of concern is a reality. When there are structural fluctuations in the economy, its young people who lose jobs as compared to the elderly. The problem of youth unemployment will be here to stay, and to sustain it, the world will have to create 600 Million jobs for the next 15 years. The question is, how de we do it?