Youth unemployment likely to rise, says ILO

GENEVA: Global unemployment among young people is likely to rise over the next five years, according to a new report from the International Labour Organization (ILO).

The ILO said jobless rates among people under 25 worldwide are expected to inch up to 12.9% by 2017, up by 0.2% points from forecasts for this year, but youth in developing countries will be worst affected.

The highest youth unemployment ILO predicted for the Middle East region, where the jobless rate among young people would jump from 26.4 percent currently to 28.4 in 2017. In the Southeast Asia and Pacific region, ILO forecast the rate to rise from 13.1 to 14.2 percent over the next five years In its “Global Employment Outlook September 2012: Bleak Labour Market Prospects for Youth”, ILO said that jobless rates among young people will get even worse globally as the spillover of the euro crisis spreads from advanced to emerging economies.