– By Ashish Pandey
Unemployment is a matter of grave concern. This concern demands immediate attention. Today’s generation of young people- the millennial generation is the largest cohort of youths the world has never seen. Given the magnitude of the problem, it is of critical importance to ensures that their children are engaged in employment, actively contributing to the development of their local communities and nations.
The whole of the world is now facing the problem of unemployment; recently reports were published which states that unemployment in India is 45 years high. The changing world due to the introduction of Artificial intelligence, Robotics, Internet of things also challenges the world to look unemployment more seriously. The issue of unemployment is like global warming, which seems dangerous, nations are working to reduce it, but still, success seems less prominent.
The concern is different for different parts of the world; In developed countries like the US, the unemployment rates are higher for youth who are less educated when compared to their counterparts. It means for one job opportunity, there is a good number of students fighting, and most appropriate gets the job.
The prominence of this problem can be understood by the fact that Donald Trump, in his speeches, states that he will tighten the visa policy so that Americans can get the job rather than people from other countries.
In the European Union, the unemployment rates are lower as compared to other developed countries. Some economists and business leaders have argued that one differentiating factor between European nations with low youth employment rates compared to those with high youth employment rates could be apprenticeship programs and vocational schools.
As in the US and other developed countries, education is a particularly critical determinants of young people’s success in the economies of the European Union.
In shifting perspective from developed economies to developing economies, fast population growth in sub-Saharan Africa makes the challenge of youth unemployment even greater. The age group between 10 and 24 is expected to about 561 million by the year 2050.
A problem that is particularly difficult in this region is the fact that a large number of young people still have extremely little education or training. At least half of young people between the ages of 15 and 19 lack basic, foundation skills like literacy and numeracy often because they have never attended a school or dropped out very early.
In the Middle East Arab countries, the growing population makes unemployment again a significant issue. The primary reason lies for unemployment is corruption.
The corruption of the rulers has contributed to the regions private sector remaining very uncompetitive globally. Now, the lack of organisation and regulatory environment is preventing investment, damaging the tourism industry and creating even more considerable angst and uncertainty among youth seeking work.
In South Asia, the major problem of youth employment lies in the individuals who are not in education, employment, and training(NEETs), alone the 27.2% of India’s youth, almost 175 million youngsters are the NEETs. South Asian nations have by far the most significant number of idle young people when compared to other regions.
The primary challenge particular to this region is tight and many times unnecessarily and incommodious formal employment regulations. Laws are often restrictive and complicated and generally have weak measures of enforcement, the majority of south Asian workers, especially youths vulnerable and unprotected.
The above analysis depicts the formulation that unemployment is the result of different root problems; these root problems are various for different regions. The primary root problems are quality of education, laws and norms, youths who are not in education, employment and training, social and political isolation, higher dropout rates, corruption, high population, costly education, unskilled labourers. These problems are needed to solve quickly to avoid unemployment.