WEF Millenium Challenge

 

Alarmingly, the question of youth unemployment has become a major epidemic plaguing many of the world nations and therefore, has become a matter of grave concern across the globe. According to data from the World Economic Forum, 2013, youth make up an astonishing 40% of the world’s unemployed. In 2012, the number of young-unemployed  people below the age of 25 stood at a staggering 75 million worldwide, according to a report by the International Labour Office. The youth unemployment rate in Europe is 20%, in Spain it is 57% and in the US it is 21%. The United Nations define unemployed youth as 15 to 24 year olds who are actively seeking employment. At the World Economic Forum 2014, the topic of youth unemployment was discussed in the  The Millennial Challenge session. More specifically, it dealt with the relevant question of ” How can the public and private sectors address the youth unemployment crisis”.  The Speakers were Muhtar A. Kent, Robert Greenhill, Guy Ryder, Klaus Kleinfeld, Khalid A.  Falih, and Maria Fanjul .

In this session four main problems were identified as fundamental to the issue of youth unemployment:

  1. Lack of an entrepreneurial mindset
  2. A mismatch  between high youth unemployment across the globe and the dearth of qualified workers for many companies
  3. Misconception and prejudice towards certain types of jobs. For example, jobs in the manufacturing industry.
  4. Active labor policies that facilitate youth employment

Although many solutions are being constantly put forward in the hope of alleviating the problem, the need for a long- term strategic solution still looms large.  Youth unemployment further translates into long-term unemployment. This is because, about one in every six young people in the  Organization for Economic Cooperation and Development(OECD) countries is neither employed nor in training.  It is anticipated that the leaders of tomorrow will be capable of delivering a unified solution that could be successfully implemented worldwide. The future of the world stands bleak if the youth is not empowered!

Do watch the video. Comments and ideas are much appreciated.

WATCH THE VIDEO HERE

Content by @patvalderrama