YOUTH UNEMPLOYMENT IS ONE OF THE DEFINING GLOBAL CHALLENGES OF OUR TIMES
Youth unemployment continues to grow and manifest itself in alarming ways. It is impossible to know just how many young people are unemployed in the world today. According to ILO, the number in 2016 is 71 million – but the real number is likely to be much higher as many unemployed young people have disconnected from the labour market completely.
By supporting young entrepreneurs YBI helps to address two critical global challenges:
- A growing youth population which lacks meaningful opportunities for employment;
- A slowing global economy that desperately needs new sources of growth.
It’s impossible to know just how many young people are unemployed in the world today. Officially, the number is 75 million – but the real number is likely to be much higher than that.
What we do know is that young people are three times more likely to be unemployed than the rest of the population, and are usually the first to lose their job when times get tough.
Youth unemployment – and underemployment – is an escalating threat to economic prosperity, social cohesion and political stability. There are currently 1.2 billion young people in the world, and this number is expected to continue to rise until 2035.
Helping young people to start their own business can make a direct impact on unemployment – because not only does the young person get a job, but they are able to create jobs for others, too. In fact, the majority of net new job creation comes from firms under five years old.
However it’s not easy for a young person to start their own business. Access to finance is the most obvious challenge, but it’s not the only one. What training might a young person need? Where would they go to make useful contacts that could help them grow their business? And who could guide them and provide advice at critical times?