Global youth unemployment reached a 15-year low last year and is expected to continue declining through 2025, though weaker growth has caused Asia to lag behind this trend, according to a report published by the International Labour Organization (ILO).
The ILO reported that 64.9 million people aged 15 to 24 worldwide were unemployed last year, equating to a rate of 13 percent. The organization forecasts that this proportion will further decrease over the next two years, falling to 12.8 percent in 2024 and 2025.
The improvement in the job market was driven by robust economic growth following the COVID-19 pandemic, which has spurred demand for youth labor, the ILO said.
Youth unemployment rates in 2023 returned to pre-pandemic levels or lower in most, but not all, subregions. In the Arab States, East Asia, and South-East Asia and the Pacific, youth unemployment rates remained higher last year than in 2019.
For the Arab States, this was a continuation of the pre-COVID-19 trend. However, for the Asian subregions, it marked a shift from the stronger growth seen in the years before the pandemic.
The ILO also noted that the significantly younger average population in Africa compared to more developed nations raises concerns about economic sustainability in the region.
The impending “youth bulge” in Africa means job creation is becoming a critical issue for social justice and the future of the global economy, according to the organization.
For more economy news, click here.
