Global Youth Unemployment Rates Reach Record Low
Last year, global youth unemployment fell to its lowest level in 15 years, and this trend is likely to continue through 2025. However, weaker economic growth may cause Asia to lag behind this positive development, according to a report released by the International Labour Organization (ILO).
Current Unemployment Statistics
In 2022, approximately 64.9 million individuals aged 15 to 24 were unemployed worldwide, which equates to an unemployment rate of 13%. The ILO projects this rate will decrease to 12.8% in 2024 and 2025.
Factors Influencing the Labor Market
The improvement in the labor market is attributed to robust economic growth following the pandemic, which has increased the demand for young workers. In 2023, youth unemployment returned to pre-pandemic levels, or even lower in many regions, as indicated by the ILO.
Regional Disparities
However, for young people in Arab states, as well as in East and Southeast Asia and the Pacific, the unemployment rate was higher last year compared to 2019. This marks a shift from the stronger growth seen in the years prior to the pandemic.
Concerns in Africa
Additionally, the much younger median age of the population in Africa compared to more developed countries raises concerns regarding economic sustainability on the continent. The imminent “youthquake” in Africa implies that job creation will become a critical issue for social justice and the future of the global economy, according to the ILO.
