Youth Unemployment Hits 15-Year Low, But Asia Lags: ILO Report

Youth unemployment worldwide fell to a 15-year low last year and is expected to continue declining, although weaker growth means Asia has lagged behind. The International Labour Organization reports that youth unemployment rates decreased to 13% last year and forecast a further decrease to 12.8% by 2024-2025.

Youth unemployment worldwide reached a 15-year low last year and is projected to keep declining through 2025, according to a report by the International Labour Organization (ILO) released on Monday.

The ILO noted that 64.9 million people aged between 15 and 24 were unemployed globally last year, representing a 13% rate, with expectations for this figure to fall to 12.8% in 2024 and 2025.

Post-pandemic economic growth has fuelled demand for youth labour, driving the improvement. However, regions like the Arab States, East Asia, and South-East Asia/Pacific have not fully recovered, maintaining higher youth unemployment rates than in 2019.

The ILO also highlighted the demographic challenge in Africa, where a younger population poses questions on economic sustainability and underlines the need for job creation as a matter of social justice and global economic stability.

(With inputs from agencies.)