Sept.7, 2009
One of the most worrisome aspects of the global recession we are beginning to emerge from is the disasterous impact it has had on youth unemployment. That is, unemployment among those 25 and under. Looking through the data provided by Eurostat while working on my book I was struck by how bad the data look. Here are the results for youth unemployment for a number of leading European countries as of July 2009 (1) versus July 2008.(2)
1. 2.
Belgium 21.6 % 19.9 %
Spain 38.4 % 25.0
France 24.2 19.3
Italy 24.9 21.3
U.K. 19.2 15.0
Germany 11.2 9.6
Sweden 27.3 17.7
Norway 9.0 6.9
U.S. 17.8 13.5
Canada 16.4
With the exception of Norway and possibly Germany which are also too high at 9.0 % and 11.2 % these are truly appalling numbers.They will undoubtedly be the cause of future social problems and they need to be addressed immediately in remedial projects directed directly at the young people affected.
Our young people are the future of our societies and it is critical that they have both excellent educational opportunities and real meaningful job experience and opportunities. Youth unemployment and its solution needs to be a top priority.I got my first job as an economist when I was 22. The overall unemployment rate at the time was 4.5 % It remains one of the most interesting and excellent jobs of my career.I also made what I like to think was a useful lasting contribution and was well paid for my efforts. The job gave me experience and insights that have lasted until this day.These are the kind of experiences that our young people need and deserve
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