The International Labour Organisation (ILO) stated that the rate of youth unemployment globally has reached record levels. It also said that the rate is expected to increase even more during the year.
According to ILO's report, "Global Employment Trends for Youth" out of 620 youths in the working -age range of 15-24, 81 million were unemployed as of the end of last year.
In 2007, unemployment rate among the youth was 11,9 percent. In two years, it rose to 13 percent. According to the figures of the Turkish Statistics Institute (TUIK), this rate in Turkey is around 25 percent. In other words, one out of four youths is unemployed.
"Lost Generation" warning
The report highlights that this trend will create serious problems for the youth as unemployment rate is expected to increase. ILO warns that a "lost generation, made up of young people who detach themselves from the labour market altogether," may emerge.
According to the organisation's estimations, unemployment rate among youth will increase to 13.1 percent by the end of this year, and then decrease to 12.7 percent. The report states that the youth, as a group, are more vulnerable to economic shocks than adults. Moreover, the youth will feel the economic recovery later than the adults.
In the developing countries, which hosts 90 percent of the young population of the world, the youth are struggling with unemployment and poverty.
About 30 percent of the youth employed in 2008, were faced with extreme poverty despite the fact that they were working. They lived in households with a daily income of less than 1,25 dollars.
ILO manager Juan Somavia said that the crisis in the economies of developing countries is besieging the lives of the poor. The effects of the economic and financial crisis has increased the obstacles in front of the employment of youth, Somavia added.
Economic potential being wasted
The report also states that unemployment and hopelessness have long-term negative impact on youth and limit their chances of future employment.
Somavia states that the youth are the propellents of economic development. He adds that wasting this potential also threatens social stability.
The report coincides with United Nations International Year of Youth. Activities with a theme of "dialogue and mutual understanding," to be organised throughout the year, are aimed at strengthening peace between cultures and societies, human rights and brotherhood ties. (EU)