The global economy has shown remarkable resilience and recovery following the unprecedented challenges posed by the COVID-19 pandemic. One of the most encouraging signs of this recovery is the improved labor market situation for youth aged 15 to 24 worldwide. According to the latest report titled Global Employment Trends for Youth 2024 released by the International Labour Organization (ILO), the youth employment scenario has seen significant positive changes, though some disparities still persist.

A Glimpse at the Numbers

In 2023, the global youth unemployment rate stood at 13 percent, equating to approximately 6.49 crore (64.9 million) individuals. This figure marks the lowest youth unemployment rate in 15 years, even lower than the pre-pandemic rate of 13.8 percent in 2019. The report projects that the youth unemployment rate will hover around 12.8 percent in the coming years, indicating a stabilizing trend in the labor market as economies continue to rebound from the pandemic-induced downturn.

The ILO report highlights that resilient economic growth and a strong surge in labor demand have particularly benefited young people entering the labor market after the pandemic. In fact, 2023 witnessed the lowest number of unemployed youth worldwide since the early 2000s.

Regional and Gender Disparities

While the overall global youth unemployment rate has declined, the situation varies significantly across different regions and between genders. The youth unemployment rate in regions such as the Arab States, East Asia, Southeast Asia, and the Pacific was notably higher in 2023 than it was in 2019. This indicates that not all regions have experienced the same level of economic recovery, and some continue to struggle with high unemployment rates among their youth populations.

Gender disparities in youth unemployment have also shown signs of improvement, albeit unevenly. In 2023, the unemployment rates for young women and men were almost equal, with young women experiencing a 12.9 percent unemployment rate compared to 12 percent for young men. This is a significant improvement from the pre-pandemic period when the youth unemployment rate for women was much higher. However, despite these improvements, challenges remain, particularly for young women.

The NEET Challenge

One of the most concerning findings of the ILO report is the high percentage of youth categorized as NEET (Not in Employment, Education, or Training). The global NEET rate stands at a worrying 20.4 percent, with two out of every three youth in this category being women. This statistic underscores the ongoing struggle faced by many young women in accessing employment, education, or training opportunities, further exacerbating existing inequalities.

A Call for Inclusive Opportunities

The ILO Director-General, Gilbert F. Houngbo, emphasized the need for more inclusive opportunities for youth, particularly for young women, economically disadvantaged youth, and those from minority communities. In a statement, Houngbo highlighted that while the overall labor market situation for youth has improved, the opportunities remain largely unequal, and targeted efforts are necessary to address these disparities.

The Global Employment Trends for Youth 2024 report provides a mixed picture of the current state of youth employment worldwide. While the decline in global youth unemployment rates is a positive sign of economic recovery, the persistent regional and gender disparities, along with the high NEET rate, indicate that there is still much work to be done to ensure equal opportunities for all young people. As the global economy continues to evolve, policymakers and stakeholders must prioritize inclusive growth strategies that address these inequalities and support the most vulnerable youth in accessing meaningful employment opportunities.