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SA has 3rd highest global youth unemployment rate
According to Fin24, the World Economic Forum (WEF) reports that South Africa’s youth unemployment rates (for those people between the ages of 15 and 24) are among the worst in the world. The WEF Global Risk 2014 report estimates 50% of people in this age group are unemployed.
The report gives further shocking statistics:
- Only Greece and Spain’s unemployment rates, in this age category, are higher than SA’s,
- More than 25% (about 300 million people) of the world's youth have no productive work,
- Portugal and Italy both have youth unemployment rates of more than 30% but less than 40%, and
- There are more than 73 million unemployed people between 15 and 24 – what the WEF report terms the “lost generation”.
"At the same time, the rising cost of higher education has left a generation with unpayable debt and little chance of finding a job.
"Much of the younger generation lacks trust in traditional political institutions and leaders, while recent revelations about cyber espionage have undermined trust in the Internet in general and the governance of cyberspace in particular," cites the report.
