The long-term impact of rising unemployment among the young could be felt for decades, according to the International Labor Organization (ILO), which estimates that 73.4 million young people or 12.6 percent of young people aged between 15 and 24 around the world are expected to be out of work in 2013, a jump of 3.5 million between 2007 and 2013.
In its latest report, the ILO said there had been a deterioration of employment prospects in both developing and advanced economies, particularly in the European Union (EU).
“Youth unemployment increased by as much as 24.9 percent in the Developed Economies and European Union between 2008 and 2012… On current projections, the youth unemployment rate in the Developed Economies and European Union will not drop below 17 percent before 2016,” the report added.
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