Worldwide, young people are three times more likely than their parents to be out of work. In Greece, Spain, and South Africa, more than half of young people are unemployed, and jobless levels of 25 per cent or more are common in Europe, the Middle East, and Northern Africa. In the Organisation for Economic Co-operation and Development (OECD) countries, more than one in eight of all 15- to 24-year-olds are not in employment, education, or training (NEET). Around the world, the International Labour Organization estimates that 75 million young people are unemployed. Including estimates of underem
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Worldwide, young people are three times more likely than their parents to be out of work. In Greece, Spain, and South Africa, more than half of young people are unemployed, and jobless levels of 25 per cent or more are common in Europe, the Middle East, and Northern Africa. In the Organisation for Economic Co-operation and Development (OECD) countries, more than one in eight of all 15- to 24-year-olds are not in employment, education, or training (NEET). Around the world, the International Labour Organization estimates that 75 million young people are unemployed. Including estimates of underemployed youth would potentially triple this number. This represents not just a gigantic pool of untapped talent; it is also a source of social unrest and individual despair. Paradoxically, there is a critical skills shortage at the same time. Across the nine countries that are the focus of this report (Brazil, Germany, India, Mexico, Morocco, Turkey, Saudi Arabia, the United Kingdom, and the United States), only 43 per cent of employers surveyed agreed that they could find enough skilled entry-level workers. This problem is not likely to be a temporary blip; in fact, it will probably get much worse. The McKinsey Global Institute estimates that by 2020 there will be a global shortfall of 85 million high- and middle-skilled workers. The education, employment, social, and political systems of these nine countries span a wide spectrum. It is observed, however, that certain preferences and practices pertain across borders. By studying these commonalities and outcomes, the report is able to define global segments of young people and employers in much the same way that consumer-product companies define segments of different kinds of shoppers. The attitudes and behaviors that matter most begin to emerge. This analysis is central to the way this issue is understood, and it represents a new way of thinking about how to address the twin crises of joblessness and the skills shortage. The journey from education to employment is a complicated one, and it is natural that there will be different routes. But too many young people are getting lost along the way.
Excerpts from publication.
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