Global youth unemployment is at a 15-year low

Sixty-five million young people worldwide are currently out of work. While this number might sound alarming, it is actually the lowest figure since the turn of the millennium. However, the picture of youth unemployment is not consistent across the globe.

In some developing regions, youth unemployment has increased since the pandemic. In high-income countries, four out of five people aged 25-29 have a job. However, in low-income countries, this figure drops significantly to just one in five. Additionally, 66% of young workers in low-income countries hold qualifications that do not match their jobs.

Globally, 20% of young people are not in employment, education, or training (NEET), and two-thirds of these are women. Furthermore, two out of three young people express concerns about losing their jobs. While youth unemployment is expected to fall further to 12.8% in 2024 and 2025, many challenges remain.

The International Labour Organization (ILO) emphasizes the need for close collaboration among policymakers, educators, and employers to boost job creation, particularly focusing on jobs for young women. The United Nations agency also stresses the importance of including the voices of young people in discussions and prioritizing training in green and digital skills.

As 75% of companies report adopting technologies such as big data, cloud computing, and AI, the World Economic Forum’s Reskilling Revolution initiative aims to empower 1 billion people with better education, skills, and economic opportunities by 2030. This initiative provides tools, country-specific programs, and the expertise of Chief Learning Officers from around the world.

Find out more: https://initiatives.weforum.org/reskilling-revolution/home