Global youth unemployment is now shaping up as one of the major issues. Around the world, we are now seeing a generation that does not know what it is to have a job.
A new International Labour Organisation report says that 75 million young people between the ages of 15 and 24 around the world are without jobs, up four million since 2007 when the global financial crisis began. That number is expected to remain the same through to 2016. According to some estimates, one in eight will be unemployed.
The ILO estimates that the ratio of youth to adult unemployment is 2:8 and is projected at 2:7 in 2012. This means that, in comparison with adults, youth continue to be three times as likely to be unemployed, and elevated unemployment rates continue to hit them disproportionally.
Youth unemployment is particularly high in countries hit by the financial crisis. Bloomberg reports that youth unemployment in Spain soared to 46.4 per cent in 2011, a massive hike on the 18.2 per cent figure in 2007. According to Reuters, it's a staggering 51.1 per cent in Greece.
The Director-General of the International Labour Organization (ILO), Juan Somavia has warned of a "growing disconnect between people and policy, people and government.". That will translate into growing civil unrest and riots.