MUMBAI (TIP): A report released by the Inernational Labour Organization onTuesday signalled distress in labour markets around the world. Global unemployment, it warned increased by 4.2 million in 2012 taking the total pool of unemployed persons to 197 million. While quarter of this distress is situated in the developed economies, its spillover is palpable in developing regions including South Asia, East Asia and Sub Saharan Africa. The report makes a gloomy prediction that the number of jobseekers is likely to rise to more than 210 million over the next five years. What should serve as a wake-up call for Indian policy makers is the significantly high proportion of youth unemployment observed in South Asia. The report found that while the unemployment rate remained low in South Asia projected at 3.8 per cent in 2012, youth unemployment was as high as 9.6 per cent. Youth unemployment emerged as a concern across regions, with the nearly 74 milllion persons in the 15-24 age group unemployed around the world. It is worth questioning whether our education systems are churning out youngsters who are ill-equipped for job markets. The report observes widespread “sills and education mismatches” in that “many South Asians are leaving school or university without skills that are demanded by employers.” The report recommended that governments step up efforts to support skills and retraining activities to bring youngsters back in to the labour market.
Youth unemployment in South Asia as high as 9.6%
