GLOBAL EMPLOYMENT TRENDS FOR YOUTH 2024 (Syllabus: GS Paper 3 – Economy)

Context: The International Labour Organization (ILO) has released its report, "Global Employment Trends for Youth 2024 (GET for Youth)," highlighting the latest trends in youth employment worldwide.

Global Employment Trends for Youth 2024

• About: This report represents the 20th anniversary publication of the ILO's Global Employment Trends for Youth. (hereafter “GET for Youth”).
• Focus: The report has explored where, why, and how young people face vulnerabilities in the labor market.
• Major Highlights:

oYouth Unemployment Rate: The 2023 youth unemployment rate stands at 13%, marking a 15-year low and a decrease from the pre-pandemic rate of approx 14% in 2019.

oFuture Projections: The youth unemployment rate is expected to fall further to approx 13% this year and the next.

oNEET Youth Concerns: The report highlights a 'concerning' number of young people not in employment, education, or training (NEET), standing at approx 20%, with two in three of these being women.

oServices Sector Employment: Since 2008, the services sector has become the largest employer of young people worldwide, with its share rising to approx 46%.

oFuture Unemployment in Asia-Pacific: By 2025, the youth unemployment rate in the Asia-Pacific region is expected to decline further to 13.7%.