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    Youth Unemployment

    Uploaded by

    Faiwaz冬Ahmed [Roll No.17]

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Youth Unemployment

    Uploaded by

    Faiwaz冬Ahmed [Roll No.17]
    1 views5 pages

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    © © All Rights Reserved

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    Copyright:

    © All Rights Reserved
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    1 views5 pages

    Youth Unemployment

    Uploaded by

    Faiwaz冬Ahmed [Roll No.17]

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    ECONOMICS PROJECT

    1. Meaning
    Youth unemployment refers to young individuals, typically between the ages of 15
    and 24, who are actively seeking employment but unable to find work.

    2. Types
    Youth unemployment refers to young individuals, typically between the ages
    of 15 and 24, who are actively seeking employment but unable to find work.
    Various types of unemployment affect this demographic, each with distinct
    characteristics:
    a) Frictional Unemployment: Short-term unemployment that occurs when
    young people are transitioning between jobs or from education to the
    workforce.
    b) Structural Unemployment: Long-term unemployment resulting from shifts in
    the economy, such as technological changes, which create a mismatch
    between the skills of young job seekers and available jobs.
    c) Cyclical Unemployment: Unemployment caused by economic downturns or
    recessions, leading to reduced demand for goods and services and,
    consequently, fewer job opportunities for young people.
    d) 4. Seasonal Unemployment: Unemployment linked to seasonal fluctuations
    in demand for certain jobs, common in industries like agriculture and tourism.
    e) Voluntary Unemployment: When young individuals choose not to work at
    the current wage rates or working conditions. This can include those pursuing
    further education or training.
    f) Disguised Unemployment: This occurs when more people are employed
    than necessary, often in family-run businesses or agriculture, where additional
    workers do not contribute to increased productivity.
    g) Hidden Unemployment: When young people are either not actively seeking
    work despite being able to work or are underemployed in part-time or
    temporary jobs, masking the true extent of unemployment

    3. Effects of Youth Unemployment on economy


    Youth unemployment has several negative effects on the economy, which
    include:
    a) Reduced Economic Growth: A high rate of youth unemployment means that
    a significant portion of the population is not contributing to the economy
    through productive activities, leading to slower economic growth.
    b) Increased Public Spending: Governments need to spend more on
    unemployment benefits and social services for the unemployed youth, which
    puts a strain on public finances.
    c) Lost Tax Revenue: With fewer young people employed, there is a reduction
    in income tax revenues, which impacts the government's ability to fund public
    projects and services.
    d) Long-Term Earning Losses: Youth unemployment can have lasting effects on
    individuals' earning potential. For instance, a six-month period of
    unemployment can reduce future earnings significantly over the next decade.
    e) Social Mobility Issues: A weak start in the labor market can hinder social
    mobility. Young people who face prolonged unemployment early in their
    careers are more likely to experience continued job instability and lower
    earnings throughout their lives.
    f) Economic and Social Costs: The broader economic and social costs include
    increased crime rates, higher health care costs, and potential social unrest due
    to the frustration and disenfranchisement among unemployed youth.

    4. How to address Youth Unemployment


    Addressing youth unemployment requires a multi-faceted approach that
    includes education, training, policy interventions, and support systems. Here
    are some effective strategies:

    a) Enhance Education and Training:


    - Improve the quality and relevance of education to ensure it matches labor
    market needs.
    - Offer vocational training and apprenticeship programs to equip young
    people with practical skills.
    b) Promote Entrepreneurship:
    - Provide funding and support for young entrepreneurs to start their own
    businesses.
    - Create incubation centers and mentorship programs to guide young
    entrepreneurs.
    c) Create Job Opportunities:
    - Invest in sectors with high potential for job creation, such as technology,
    green energy, and healthcare.
    - Encourage public-private partnerships to develop infrastructure projects
    that create jobs.
    d) Implement Active Labor Market Policies:
    - Introduce job placement services and career counseling to help young
    people find suitable employment.
    - Offer incentives to companies that hire young workers, such as tax breaks
    or subsidies.
    e) Support Internships and Work Experience Programs:
    - Develop programs that provide internships and work placements to give
    young people real-world experience.
    - Partner with industries to ensure these programs are aligned with market
    demands.
    f) Improve Labor Market Flexibility:
    - Reform labor laws to make it easier for businesses to hire and train young
    workers.
    - Promote flexible work arrangements, such as part-time or freelance
    opportunities, to accommodate young job seekers.
    g) Address Regional Disparities:
    - Focus on regions with high youth unemployment rates by investing in local
    economic development.
    - Provide targeted support and resources to areas most affected by youth
    unemployment.
    h) Enhance Social Protection:
    - Ensure access to unemployment benefits and social services for young
    people.
    - Develop programs to support young people in transitioning from school to
    work.

    By implementing these strategies, governments and organizations can create


    an environment that fosters employment opportunities for young people,
    helping to reduce youth unemployment and its associated economic and
    social impacts.
    5. Government Steps to Address Unemployment
    The government is implementing various measures to tackle unemployment,
    including:
    a) Employment Generation Schemes: Launching programs and schemes aimed
    at generating employment opportunities across various sectors.
    b) Skill Development Initiatives: Providing skill development training to
    enhance the employability of youth and match them with job opportunities.
    c) Promotion of Entrepreneurship: Encouraging entrepreneurship by offering
    funding, mentorship, and support for aspiring entrepreneurs.
    d) Investment in Infrastructure: Investing in infrastructure projects to create
    job opportunities and stimulate economic growth.
    e) Policy Reforms: Implementing labor market reforms to create a more
    conducive environment for businesses to hire and retain employees.
    f) Public-Private Partnerships: Collaborating with the private sector to develop
    initiatives that promote job creation and skill development

    These steps aim to reduce unemployment rates and improve economic


    opportunities for the youth, contributing to overall socio-economic
    development.
    6. Personal Views
    Youth unemployment is a complex issue with significant implications for
    individuals and society. In my view:

    a) Societal Responsibility: While unemployment is often attributed to individual


    factors, such as lack of skills or motivation, it's crucial to recognize that
    systemic issues also play a significant role. Society has a responsibility to
    address structural barriers that hinder young people from accessing
    meaningful employment opportunities.
    b) Impact on Individuals: Youth unemployment not only affects economic well-
    being but also impacts individuals' mental health, self-esteem, and future
    prospects. Unemployment during formative years can have lasting effects on
    one's career trajectory and overall life satisfaction.
    c) Need for Comprehensive Solutions: Addressing youth unemployment
    requires a multifaceted approach that includes education reform, skills
    training, entrepreneurship promotion, and job creation initiatives.
    Governments, businesses, and civil society must work together to implement
    comprehensive solutions.
    d) Investment in Education and Skills: Investing in education and skill
    development is paramount to equip young people with the tools they need to
    succeed in a rapidly changing job market. Vocational training and
    apprenticeship programs can bridge the gap between education and
    employment.
    e) Long-Term Economic Impact: High levels of youth unemployment can lead
    to lost productivity, reduced economic growth, and increased social unrest. It's
    in the interest of society as a whole to address youth unemployment to ensure
    a prosperous and stable future.

    In conclusion, tackling youth unemployment requires a collective effort and a


    commitment to providing young people with the opportunities they need to
    thrive and contribute positively to society.

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