WB highlights efforts to reduce youth unemployment

March 8, 2012 11:39 am 

WASHINGTON, March 8 — WorldBank senior officials on Wednesday stressed the importance of taking effective steps to reduce unemployment rate among the youth, an important social issue for many nations around the world.

In many countries, the unemployment rate was two to three times as high as the average unemployment rate and it has become one of the most difficult and pressing issues facing many societies, Caroline Anstey, Managing Director of the Washington-based World Bank, said on Wednesday at the Global Youth Conference 2012 on Youth Unemployment.

Getting jobs became the central concern of youth everywhere, and different countries risk losing crucial social capital for the next generation, said World Bank's Vice President Hasan Tuluy.

Young people around the world were still facing the aftermath of the financial crisis, noted Tuluy, adding that "there is a sense that job opportunities are not available to them."

Dissatisfaction of the young people would create a vicious cycle and lead to other social problems, including violence and drug abuse, while policymakers in different nations should take measures to foster job creation and address vulnerabilities of young people, Anstey told reporters and a gathering of youth from 34 countries.

A recent report from the International Labor Organization (ILO) estimated that the unemployment rate for the world's young people aged between 15 to 24 hovered around an alarming high level of 12. 6 percent in 2011.

It was critical to improve the quality of education to better meet the changing labor market demands in a globalized economy to help youth land jobs, Tuluy added. (PNA/Xinhua)



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