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United Nations Forecasts Persistently High Unemployment for the Young United Nations Forecasts Persistently High Unemployment for the Young
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The clouds of the global financial crisis may have lifted, but six years later, the world economy is not creating nearly as many jobs as it was before 2008, a United Nations report on Wednesday concluded, nor is it expected to in the near term — a particularly worrisome fact at a time when more young people are entering the job market than ever before. The clouds of the global financial crisis may have lifted, but six years later, the world economy is not creating nearly as many jobs as it was before 2008, a United Nations report on Wednesday concluded, nor is it expected to in the near term. That is a particularly worrisome fact at a time when more young people are entering the job market than ever before.
The economies of developed countries are likely to grow at 2 percent this year and 2.4 percent in 2015, a faster clip than in the two previous years, the report said. But job growth is projected to be “stubbornly slower” than in the pre-financial crisis years, the report warned.The economies of developed countries are likely to grow at 2 percent this year and 2.4 percent in 2015, a faster clip than in the two previous years, the report said. But job growth is projected to be “stubbornly slower” than in the pre-financial crisis years, the report warned.
Global unemployment remained stuck at 6 percent in 2013. In the developed world, long-term unemployment continued to rise, and in Africa and Asia, informal employment accounted for as much of 50 percent of all jobs.Global unemployment remained stuck at 6 percent in 2013. In the developed world, long-term unemployment continued to rise, and in Africa and Asia, informal employment accounted for as much of 50 percent of all jobs.
Economies in the developing world are likely to grow at nearly twice the rates of the rich world, but they are also growing slower than they did before 2008, the report said. These happen to be the countries where the vast majority of young people live, which is what makes their slow growth particularly challenging for their governments. As the industrialized world ages, 90 percent of those between the ages of 10 and 24 are concentrated in the developing world. They swarm into the labor market in large numbers.Economies in the developing world are likely to grow at nearly twice the rates of the rich world, but they are also growing slower than they did before 2008, the report said. These happen to be the countries where the vast majority of young people live, which is what makes their slow growth particularly challenging for their governments. As the industrialized world ages, 90 percent of those between the ages of 10 and 24 are concentrated in the developing world. They swarm into the labor market in large numbers.
Take India, for instance. One million Indians are due to join the labor market every month for the next 15 years. But the nation’s economic growth rate sank to 4.8 percent in 2013 and is expected to inch to just 5 percent this year.Take India, for instance. One million Indians are due to join the labor market every month for the next 15 years. But the nation’s economic growth rate sank to 4.8 percent in 2013 and is expected to inch to just 5 percent this year.
The report, prepared by the U.N.'s Department of Economic and Social Affairs, cited notable trouble spots. The Russian economy, it said, is expected to grow very slowly in 2014, adding that “the conflict around Crimea and the possibility of economic sanctions targeting broader sectors of the Russian economy have led to a massive outflow of capital and further weakening of business and consumer confidence.”The report, prepared by the U.N.'s Department of Economic and Social Affairs, cited notable trouble spots. The Russian economy, it said, is expected to grow very slowly in 2014, adding that “the conflict around Crimea and the possibility of economic sanctions targeting broader sectors of the Russian economy have led to a massive outflow of capital and further weakening of business and consumer confidence.”
Disruptions to Libya’s oil output will probably dampen North Africa’s growth. Across Africa, growth rates are projected at 4.2 percent, which the reports said would “compound some severe labor market problems,” including gender disparities in access to jobs. South Asia’s economy is expected to improve gradually, after hitting a 20-year low in 2013.Disruptions to Libya’s oil output will probably dampen North Africa’s growth. Across Africa, growth rates are projected at 4.2 percent, which the reports said would “compound some severe labor market problems,” including gender disparities in access to jobs. South Asia’s economy is expected to improve gradually, after hitting a 20-year low in 2013.
East Asia, by contrast, is projected to have “robust growth,” particularly on the strength of its exports. Iran is expected to “return to mildly positive growth” this year as sanctions loosen their grip and allow non-oil exports to resume. One in three Iranians are between the ages of 15 and 29. They represent a disproportionately large share of the unemployed. They are also among the nation’s most politically active.East Asia, by contrast, is projected to have “robust growth,” particularly on the strength of its exports. Iran is expected to “return to mildly positive growth” this year as sanctions loosen their grip and allow non-oil exports to resume. One in three Iranians are between the ages of 15 and 29. They represent a disproportionately large share of the unemployed. They are also among the nation’s most politically active.