Unemployment is the world's most serious problem; certain regions have very low unemployment rates, while others have very high rates, but the truth is that people all around the world are struggling with this issue. Despite the fact that many governments are taking significant steps to address the issue, the problem continues to persist around the world.
Middle-aged people used to face unemployment issues because of skill shortages and job saturation; however the same issue is now seen in the youth as well. Many regions, however, are dealing with the issue of youth unemployment. These people are between the ages of 15 and 24. The MENA (Middle East/North Africa) region is the hardest hit, accounting for approximately a quarter of all cases. This issue, however, is not restricted to low-cost areas; wealthier areas are also affected. Almost 180 million young people are unemployed in the nations that belong to the OECD.
According to data from the World Bank, the regions linked with the United States and Canada rank fifth out of seven in terms of youth unemployment and third in terms of overall unemployment. The data from the World Bank is based on the International Labor Organization's forecast for 2020. However, when comparing the United States and Canada, this issue is particularly prevalent in Canada, where about 20 individuals in the young age bracket are jobless. Puerto Rico, Lithuania, France and Nigeria are almost near the same percentage in youth unemployment as in Canada.
However, when it comes to the lowest percentage of unemployed people, whether they are young or old, East Asia and the Pacific area come out on top. Only 4% of those looking for work are unable to find work, whereas roughly 11% of young people were unemployed in 2020.
The reasons for unemployment among the youthful generation are more complex and varied. However, it appears that one of the major causes of unemployment is a lack of education, with degree regulation being another. Because many bogus universities now offer open, granted, and unapproved degrees that will not aid these young people in the future.
Read next: Where Do US Tech Workers Get Paid the Highest Salary?
Middle-aged people used to face unemployment issues because of skill shortages and job saturation; however the same issue is now seen in the youth as well. Many regions, however, are dealing with the issue of youth unemployment. These people are between the ages of 15 and 24. The MENA (Middle East/North Africa) region is the hardest hit, accounting for approximately a quarter of all cases. This issue, however, is not restricted to low-cost areas; wealthier areas are also affected. Almost 180 million young people are unemployed in the nations that belong to the OECD.
According to data from the World Bank, the regions linked with the United States and Canada rank fifth out of seven in terms of youth unemployment and third in terms of overall unemployment. The data from the World Bank is based on the International Labor Organization's forecast for 2020. However, when comparing the United States and Canada, this issue is particularly prevalent in Canada, where about 20 individuals in the young age bracket are jobless. Puerto Rico, Lithuania, France and Nigeria are almost near the same percentage in youth unemployment as in Canada.
However, when it comes to the lowest percentage of unemployed people, whether they are young or old, East Asia and the Pacific area come out on top. Only 4% of those looking for work are unable to find work, whereas roughly 11% of young people were unemployed in 2020.
The reasons for unemployment among the youthful generation are more complex and varied. However, it appears that one of the major causes of unemployment is a lack of education, with degree regulation being another. Because many bogus universities now offer open, granted, and unapproved degrees that will not aid these young people in the future.
Read next: Where Do US Tech Workers Get Paid the Highest Salary?