Global Youth Unemployment Hits 15-Year Low, ILO Reports
ILO report shows global youth unemployment at a 15-year low in 2022, with continued decline expected. Asia lags behind, while Africa's young population raises economic sustainability concerns.
The International Labour Organization (ILO) has released a report indicating a significant improvement in global youth employment. In 2022, youth unemployment worldwide reached its lowest point in 15 years, with 64.9 million individuals aged 15-24 unemployed, representing a rate of 13%.
The ILO, founded in 1919, projects this positive trend to continue, forecasting a further decrease to 12.8% by 2025. This improvement is attributed to robust economic growth following the COVID-19 pandemic, which has stimulated demand for youth labor.
However, the report highlights regional disparities. While most subregions have returned to or improved upon their pre-pandemic unemployment rates, some areas continue to face challenges:
- Arab States
- East Asia
- South-East Asia and the Pacific
These regions experienced higher youth unemployment rates in 2022 compared to 2019. For the Arab States, this trend predates the pandemic, while for the Asian subregions, it marks a shift from their previously stronger growth trajectories.
The report also draws attention to Africa's unique demographic situation. With the continent's median age at just 19.7 years in 2020, the imminent "youthquake" raises questions about economic sustainability. The term "youthquake," originally coined in the 1960s by Vogue editor Diana Vreeland, now takes on new significance in the context of Africa's development challenges.
"Job creation is becoming a critical issue for social justice and the future of the global economy."
This situation underscores the importance of job creation strategies in Africa, which may include vocational training, entrepreneurship support, and investment in labor-intensive sectors. These efforts align with the UN's Sustainable Development Goals, which include youth employment as a key target.
The ILO's findings come against the backdrop of the global youth population expected to grow by more than 78 million between 2021 and 2030. This demographic shift presents both challenges and opportunities, particularly in terms of harnessing the potential "demographic dividend" - the economic growth that can result from changes in a population's age structure.
As the world continues to recover from the peak of youth unemployment caused by the COVID-19 pandemic (16.5% in 2020), the latest data provides cautious optimism. However, it also highlights the need for continued focus on youth employment, particularly in regions still lagging behind in their recovery.
