Global umemployment rises 15%

New Delhi, Oct 29 | Updated: Oct 30 2006, 05:30am hrs
The number of the unemployed youths around the world, in the age group 15-24 years, has risen by nearly 15% over the past decade, according to a report of International Labour Organisation (ILO).

The report stated that while the number of young unemployed increased from 74 million to 85 million between the year 1995-2005, nearly 300 million youths, which was approximately 25% of their total population, lived below two-dollars-per-day poverty line.

The report estimated that at least 400 million decent and productive employment opportunities would be needed to reach the full productive potential of todays youth.

The relative disadvantage is more pronounced in developing countries, where youths represent a significantly higher proportion of the labour force, it said. According to the report, the young population grew by 13.2% between 1995-2005, but employment among them grew by only 3.8% .

Jobless youths made up 44% of the worlds total unemployed. The youth unemployment rate rose from 12.3% in 1995, to 13.5% last year, it said.

Describing idle youth as a costly group, the document noted that inability to find employment created a sense of vulnerability, uselessness and redundancy.

It said that there were costs to youth themselves, and also to economies and societies as a whole, both in terms of lack of savings, loss of aggregate demand and less spending for investment as well as social costs for remedial services such as preventing crime and drug use.

All this is a threat to development potential of economies, ILO director general, Juan Somavia said.

The highest regional youth unemployment rate was observed in the West Asia and North Africa at 25.7%, while central and eastern Europe (non-EU) and the CIS had the second highest rate at 19.9%. South-East Asia was rated at 15.8%, according to the report. It said this is just the tip of the iceberg, about problems faced by the youths in the job market.