According to a UN report, the world needs at least 600 million more jobs in the next 15 years to meet youth (age 15 and 24) employment needs. Unemployment among the global youth is expected to climb to 34.6% by 2023. In 2021, 96.8% youth work in the informal sector in developing economies like India; 20% in developed economies. Of these, 60% are men and 40% are women in the labor force. According to the UN report, the estimated unemployment projections for 2023 stand at 41% for men and 27.8% for women. The report states, “Unemployment, particularly among youth, represents one of the greatest global challenges. Youth entrepreneurship has the capacity to generate a multiplier effect, as young entrepreneurs are more likely to hire their peers and can lift other youth out of informality and working poverty.”
Also Read: India in dire need to douse its unemployment crisis