Global youth unemployment requires 600million jobs, says World Bank

The global economy will need to create 600 million jobs over the next 10 years - five million jobs each month - simply to keep pace with projected youth employment rates, says an inaugural World Bank report, entitled ‘Toward Solutions for Youth Employment.’
Global youth unemployment requires 600million jobs, says World Bank. (File)
Global youth unemployment requires 600million jobs, says World Bank. (File)

The global economy will need to create 600 million jobs over the next 10 years - five million jobs each month - simply to keep pace with projected youth employment rates, says an inaugural World Bank report, entitled ‘Toward Solutions for Youth Employment.’

According to the report scheduled for official release in Washington, this morning, a third of the world's 1.8 billion young people are currently neither in employment, education or training.

The report adds further reveals that one billion more youth that will enter the job market in the next decade, only 40 percent are expected to be able to get jobs that currently exist.

Reversing the youth employment crisis is a pressing global priority and the socio-economic cost of inaction is high, says a new report.

The report being released today by Solutions for Youth Employment (S4YE) - a multistakeholder global coalition established to improve youth access to work opportunities; will be used as a 2015 baseline.

This coalition is a partnership started by the World Bank Group, Plan International, the International Youth Foundation (IYF), Youth Business International (YBI), RAND, Accenture, and the International Labour Organization (ILO).

Matt Hobson, S4YE Coalition Manager says young people account for 40 percent of the world’s population - the largest youth generation in human history - but they are disproportionately affected by unemployment.

“This is a persistent problem. Approximately 30 percent of young people are not in employment, training or education, and around the world, young women are worse off.

We need to act now, and we need to act together if we are going to realize the significant opportunities presented by this many young people today," said Hobson.

While circumstances differ in various regions, the report notes that the issues remain the same - the world’s youth are unable to find sustainable productive work which contributes to inequality, spurs social tension, and poses a risk to present and future national and global prosperity and security. Experts say that the report provides a baseline of trends, identifies constraints, and provides potential solutions to the youth employment crisis based on knowledge of successful and promising programs.

It also highlights specific population - young women, youth in conflict-affected and fragile states, as well as rural and urban youth - that requires dedicated attention.