Global youth unemployment is at its lowest level for 15 years, according to the United Nations. However, not all regions have fully recovered from the impact of the Covid-19 pandemic. The number of young people aged 15 to 24 who are not in employment, education, or training (NEET) remains a concern, with some regions and young women not benefiting from the economic recovery.
The International Labour Organization (ILO) reported that the total number of unemployed young people worldwide in 2023 was the lowest since the start of the millennium, standing at 64.9 million. The youth unemployment rate of 13 percent in 2023 represents a 15-year low, down from 13.8 percent in 2019 before the pandemic. The rate is expected to decrease further to 12.8 percent in the coming years.
Despite these positive trends, disparities exist across regions. In the Arab States, East Asia, South-East Asia, and the Pacific, youth unemployment rates were higher in 2023 compared to 2019. The ILO’s Global Employment Trends for Youth 2024 report highlighted concerns about the casualization of work for young people and the mismatch between the supply of young graduates and available job opportunities.
One of the major issues highlighted in the report is the growing number of NEETs, with the NEET rate at 20.4 percent in 2023. Two-thirds of NEETs are women, with a NEET rate of 28.1 percent for young women and 13.1 percent for young men. Additionally, more than half of young workers globally are engaged in informal employment, with only high- and upper-middle-income economies offering regular, secure work for the majority of young workers.
ILO chief Gilbert F. Houngbo emphasized the importance of decent work for youth in building stable and inclusive societies. He noted that many young people feel insecure about their job prospects and financial independence due to the prevalence of temporary and unprotected employment. Despite positive economic indicators, surveys show that young people are increasingly anxious about their future.
In conclusion, the issue of youth unemployment and underemployment remains a significant challenge globally. While there have been improvements in some regions, disparities persist, particularly for young women and those in informal employment. Addressing these challenges requires a concerted effort to create more opportunities for decent work and ensure social protection for all young people.