Unemployment in one’s youth can mean economic stagnation for the rest one’s life
The world figure of course masks some terribly large variations between countries. Some of these variations are surprising:
The lowest youth unemployment rate in the International Labor Organisation’s database was Switzerland (at 6.2%) while the highest was Greece at 54.2%! For young Greek women the number of those unemployed is even worse – a staggering 62.1%! The US youth unemployment rate is around 16%, the Euro zone is 22.6%. An even scarier trend, according to The Atlantic, is the rise of long-term youth unemployment:
My wife and I were lucky enough to graduate in 2006-2007, just on the crest of the global downturn. We were lucky in that law firms were still hiring many graduates and that you had a good opportunity to at least get your foot in the door. I see the young students in my classes now and I feel very sorry for them. The opportunities are not there – at least not in the same numbers. Now, most of them are bright and will land on their feet (and New Zealand has certainly done better than many other countries in weathering the storm) but it does make me wonder – how much damage does an economic downturn do to peoples’ lives that is not measured in stock market figures and bare unemployment figures?
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