2023 global youth unemployment lowest in 15 years, ILO report, but uneven regional recovery and growing casualization create job uncertainty.

Global youth unemployment reached its lowest level in 15 years in 2023, with 64.9 million young people worldwide unemployed, according to a report by the International Labour Organization (ILO). The youth unemployment rate dropped to 13%, a significant improvement from 13.8% in 2019. However, the post-pandemic recovery has not been uniform across regions, with certain areas experiencing higher unemployment rates than before the pandemic. The ILO report highlights the growing casualization of work for young people and a widening gap between the supply of young graduates and the number of suitable jobs. Despite the positive economic and labor market signals, surveys indicate that young people are increasingly anxious about their job stability, the state of the economy, and their prospects for financial independence. The report calls for increased and more effective investment in job creation, especially for young women, and improved international cooperation to tackle global inequalities.

August 11, 2024
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