ILO’s GET for Youth 2024: Youth Unemployment Rate fell to 13% in 2023

Current Context: The International Labour Organization's (ILO) Global Employment Trends for Youth 2024 report was released on 12th August 2024.

• The global youth unemployment rate has dropped to 13% in 2023, marking a 15-year low. 
• This is a significant improvement compared to the pre-pandemic rate of 13.8% in 2019.
• Key takeaways from the report:
• Decline in youth unemployment: The number of unemployed young people worldwide has reduced to 64.9 million in 2023, the lowest since the start of the millennium.
• Continued improvement: The ILO forecasts a further decrease in the youth unemployment rate to 12.8% in both 2024 and 2025.
• Gender disparities: While the overall trend is positive, the report highlights persistent gender inequalities, with young women facing higher rates of NEET (Not in Employment, Education, or Training).

Question:

1 What was the global youth unemployment rate in 2023, according to the International Labour Organization (ILO)'s Global Employment Trends for Youth 2024 report?

• A) 12.8%
• B) 13%
• C) 13.8%
• D) 15%

Answer: B) The report indicates that the global youth unemployment rate dropped to 13% in 2023, marking a 15-year low.