Young people bearing brunt of job crisis

Published on Wednesday, 16 May 2012 09:40
Posted by Scott Buckler

Young people continue to bear the brunt of the jobs crisis, with nearly 11 million 15 to 24 - year-olds out of work in OECD countries in early 2012

Youth unemployment in the OECD area in March 2012 was 17.1%, close to its November 2009 peak of 18.3%, according to new OECD data released in advance of the G20 Labour Ministers Meeting in Mexico on 17-18 May.

The new data show the radical shift in youth unemployment from before the crisis until now, comparing the trough to peak changes across countries. For example, in Spain, youth unemployment was 17.4% in March 2007 and had risen to 51.1% by March 2012.

Young European jobseekers are suffering the most in the OECD, with unemployment close to historic highs across the Continent. More than one in five young people in the labour market in France, the United Kingdom, Sweden, Poland, Ireland and Italy are out of work.

Youth unemployment is more than double the unemployment rate affecting the general population across the OECD. In some countries such as Greece and Spain, it’s three times higher.

“Governments need to address this economic and social problem with decisive and concrete action,” said OECD Secretary-General Angel Gurría. “My message to G20 Ministers in Guadalajara is that there are cost-effective ways to boost the employment prospects of youth, and that any fiscal consolidation strategy needs to be smart, growth-friendly and take care of future generations. We propose concrete and targeted policy action and investment in skills and education of the young to give them hope for a better future.”

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