the globAl employAbility crisis

the current employment crisis is not just a short-term problem caused by the
recession. changes in levels of employment and the nature of work caused by
advances in technology suggest longer term structural changes, which have led to a
global
crisis have
wherebeen
unemployment
shortages are occurring
simultaneously.
Young adults
hit particularlyand
hardskills
in recent
As economic
growth recovers after a recession,
years (see figure 1). The level of youth unemployment
had already been rising since long before the recession,
however. The situation improved during the boom
immediately before the financial crisis of 2008,
meaning the recent increase in youth unemployment
is a rebound to pre-crisis levels.5
Figure 1: unemployment amongst 15 24 year olds globally

employment would ordinarily pick up as well. This

time, however, structural changes caused by advancing
technology could lead to a jobless recovery. In some
developed economies, such as some in southern
Europe, it could take a long time to overcome the
underemployment and debt hangover that persist.

80

13.5

78

13.0

76
72

12.0

Youth
unemployment
(millions)

12.5

70

11.5

68
66

11.0

64

10.5

62

Youth
unemployment rate
(%)

74

10.0

60
2013
p

2012
p

201
1

201
0

200
9

200
8

200
7

200
6

200
5

200
4

200
3

200
2

200
1

200
0

199
9

199
8

199
7

199
6

199
5

199
4

199
3

199
2

9.5
199
1

58
Year (p=projection)
Youth unemployment (millions)
Youth unemployment rate (%)

source: international labour organisation 20136