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'An Economic Time Bomb':
The World's unemployed youth
by Pavlina Kulish
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THE WORLD'S UNEMPLOYED YOUTH
• 1. Youth population and Unemployment
• 2. The youth unemployment crisis
• 3. Youth unemployment in Ukraine
• 4. The ways of reducing youth unemployment
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Trends in the youth populationRegional distribution of the youth population, 2012
Source: United Nations World Population Prospects
Youth comprises the age-group between 15 and 24 inclusive
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What is UNEMPLOYMENT
• Unemployment is an economic condition marked by the fact that individuals actively seeking jobs remain unhired
• The unemployment rate is the number of unemployed persons divided by the number of people in the labor force
• Main types of unemployment: Frictional, Structural and Cyclical
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What is UNEMPLOYMENT
• Frictional Unemployment (also called search unemployment) is an unemployment that occurs when workers lose their current job and are in the process of finding another one
• Structural Unemployment is an unemployment that comes from there being an absence of demand for the workers that are available
• Cyclical Unemployment (also known as deficient-demand unemployment) is an unemployment that occurs when there is not enough aggregate demand in the economy to provide jobs for everyone who wants to work
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Characteristics and challenges of THE YOUTH
EMPLOYMENT CRISIS
• CHALLENGES IN YOUTH TRANSITIONS TO DECENT WORK
• YOUTH ARE INCREASINGLY DISCOURAGEDthe number of ‘youth NEETs’ (not in Education, Employment or
Training) is growing
• WIDENING DISADVANTAGES AMONG YOUNG PEOPLE AND INCREASING POLARIZATION
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Characteristics and challenges of THE YOUTH
EMPLOYMENT CRISIS
• SKYROCKETING YOUTH UNEMPLOYMENTPre crisis: 100,000 VS Post crisis: over 4 million
• LOWER QUALITY JOBS, LOW PAY AND INFORMALITY
• YOUTH UNEMPLOYMENT RATES ARE HIGHER THAN ADULT UNEMPLOYMENT RATES
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EU youth unemployment rates
Source: Eurostat, 2012
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EU youth unemployment rates
Source: Eurostat, 2012
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Source: http://www.tradingeconomics.com
Youth Unemployment in Ukraine
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THE WAYS TO REDUCE THE
UNEMPLOYMENT• Promoting economic diversification
• Reducing economic instability
• Loosening constraints on MSMEs and private sector growth
• Focusing on demand-side interventions
• Youth-friendly fiscal policy
• Education and training: “A lifelong journey”
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Thank you for your attention