Youth unemployment is commonly seen as an issue of stature
for all economies around the globe, irrespective of the stage of development of
the nation. The United Nations has defined this indicator as being the
percentage of unemployed individuals aged between 15 to 24 years. There are
four different methods used to measure youth unemployment in a nation. These
methods are as follows: (1) the ratio of unemployed youth compared to
unemployed adults on a worldwide scale; (2) youth unemployment rate on its own
as a percentage of the whole youth labour force; (3) taking all of the youth
population and finding the percentage of those that are unemployed; (4) taking
individuals that are unemployed and measuring the amount of that total that
falls under the category of youth.
Globally, the rate of youth unemployment has been
decreasing. However, this fact is outweighed by the rapid growth of the global
youth population. Due to this factor, it is evident that there will be high
pressure on the youth to seek out jobs, an increase in competition and thus
increasing youth unemployment, unless preventative measures have been
implemented. Furthermore, the global market cannot compensate for this
exponential population expansion, as jobs cannot be created at the same rate.
This combined with the ever-increasing retirement age makes sure that youth
unemployment will again increase in the near future. The registered unemployed
youth population stands at around 73 million people worldwide.
In light of this growing problem action has been taken by
the United Nations. In September of the year 2000 the Millennium Development
Goals (MDGs) were established, goal
number 8 relating to the issues of youth unemployment: “In cooperation
with developing countries, develop and implement strategies for decent and
productive work for youth.” Furthermore, the Sustainable Development Goals
(SDGs) have been in effect since January of 2016, goal number 8 relating to the issues of youth unemployment:
“Decent Work and Economic Growth”. To follow through towards solving this
issue, the Secretary-General of the United Nations proposed a long-term
solution for this issue, which was to establish a Youth Unemployment Network.
This was to be led by the International Labour Organisation, which specialises
in giving fair and equal work to all people, the World Bank, and is supported
by the UN Development Programme (UNDP), which oversees development and progress
in member states. This is a high-level policy network on youth unemployment.