YOUTH UNEMPLOYMENT CRISIS BY MARIA SAVVA5541 IOANNA NIKOLAIDOU

YOUTH UNEMPLOYMENT CRISIS BY: MARIA SAVVA(5541) IOANNA NIKOLAIDOU MARIA SAVVA(5371)

GENERAL INFORMATION � Youth unemployment is the unemployment of young people, defined by the United Nations as 15– 24 years old. An unemployed person is someone who does not have a job but is actively seeking work. � Youth unemployment rates are historically double or more the adult rates in nearly every country in the world. Reasons for and rates of youth unemployment vary across national contexts. � The youth unemployment rate is typically higher in developing countries, but has become a problem in countries around the world, including those in the global north. � Problems of youth unemployment affect more than youth, youth unemployment also has a major impact on society as a whole and the economy. The issue of youth unemployment cannot be separated from larger questions about labor and the task of promoting economic growth.

ANALYSIS � Zachary Karabell has dismissed the recent headlines about a global youth crisis and argues that youth people are making a rational choice to hold out for their ideal job. � There’s no doubting that worldwide, kids are out of work. In the United States alone, the unemployment rate for 15 to 24 -year-olds is about 16 percent, nearly twice the national average. In parts of Europe, the figures are much worse, with a whopping 56 percent youth unemployment rate in Spain alone — representing about 900, 000 people. � In Europe the average is 22, 6%. In part the problem lies in the economic slump following the 2008 recession which has reduced the number of jobs available. � Until the early 20 th century, there was no clear concept of “unemployment. ” Classical economics emerged in the late 19 th century at a time when there was an ample supply of labor to feed the relentless maw of industrial production in both Europe and America.

� Today, the high levels of youth unemployment are viewed primarily as a breakdown in the labor market and a sign of a failing system. That’s why so many call it a “crisis. ” � On the one hand, there is certainly cause for concern. In the UK for example youth unemployment cost £ 4, 8 bln in 2012 in addition to an estimated £ 10, 7 bln in lost output. Plus we should not underestimate the very real threat of an impending vicious cycle as inexperienced youth people will find it increasingly difficult to obtain employment. We must work on solutions that will grant employers greater flexibility and hiring incentives. We must ensure that as the economy recovers, our educators are in tune with employer requirements have access to training and apprentices in areas of new job creation. � On the other hand, the crisis is perhaps not quite as terrible as the recent, sensationalist newspaper headlines make out.

� Firstly, the figures do not factor in that many youths, defined by the United Nations as people between the ages of 15 and 24, are students. If we discount those still in education, the EU average youth unemployment rate is not 22, 6% but 8, 7%. � Secondly, to a certain extent the problem will partly resolve itself as the world climbs out of recession. The older generations will not be working forever, and employments will turn to young people to fill the new jobs being created amid the increasingly positive economic outlook. � Thirdly, many recent graduates should also not to be counted among the failures. There are those who are working in successive short-term or part-time jobs and discovering their strengths, less pressured to find one career for life as their parents and grandparents.

� Jillian Berman in his article include many opinions and argues that the next global financial crisis has already started, in the form of nearly 75 million unemployed young people around the world. � "Youth unemployment is dramatic, " said José María Aznar, the former prime minister of Spain, where the jobless rate for those aged 15 to 24 is 56 percent. "It's jeopardizing the opportunities for future prosperity and growth. “By comparison, unemployment for those aged 16 to 24 in the United States is low -but was still a whopping 16. 3 percent as of July 2013. � The decline of the eurozone, combined with harsh austerity policies in countries where governments cut social services, made it increasingly difficult for young people to find jobs. Europe's problems spilled over into the Middle East because the region relies on Europe for trade, tourism and other industries.

� When a country suffers economically, younger workers are usually the last in and the first out according to the World Economic Forum. And even as young people around the world are graduating with degrees, they lack the skills needed to fill the few available jobs. � The private sector needs to step up because "there is not yet sufficient leadership" in government to solve the youth unemployment problem, said Notis Mitarachi, Greece's vice minister for development and competitiveness.

CONCLUSION � As we can see from the 2 articles analyzed above they have different opinion about the youth unemployment crisis. � Karabell is wrong to dismiss the current problem, but correct to believe that it is not the earth-shattering crisis that we are being led to believe. It is no bad thing that many young people are dedicating years to higher education and personal development. However, for the less educated in particular, unemployment could have serious repercussions, and is it likely that the longer we fail to confront this, the more people we will cause to suffer from long-term unemployment. Governments have a responsibility to young people. They should certainly be taking this problem seriously, and should be investing in training programs and promoting sensible employment policies. � According to Jillian Berman the problem of youth unemployment is a financial crisis no because of her point of view but what others said.