“Young people and many young women in certain regions are not seeing the benefits of economic reform,” the International Labor Organization said.

Geneva: Global youth unemployment is at its lowest level in 15 years, the United Nations said on Monday. However, it is important to note that not all regions have yet recovered from the Covid-19 recession.

The UN's labor agency also said the number of 15- to 24-year-olds who are not in employment, education or training (NEET) is concerning. It further states that the recovery after the Covid-19 pandemic is not universal in all sectors.

“Young people and many young women in certain regions are not seeing the benefits of economic reform,” the International Labor Organization said.

Here are some key points from the UN report:

• At 64.9 million, the total number of unemployed youth worldwide in 2023 was the lowest since the start of the millennium.
• At 13 percent, last year's youth unemployment rate was a 15-year low and down from a pre-pandemic rate of 13.8 percent in 2019.
• It is expected to fall further to 12.8 percent this year and next
• “However, the picture is not the same in all regions. Arab States, East Asia and South-East Asia and the Pacific had higher youth unemployment rates in 2023 than in 2019.
• The ILO's Global Employment Trends for Youth 2024 report warns of the growing informality of work for young people.
• Many young people were NEET and had limited opportunities to access decent jobs in emerging and developing economies.
• The NEET rate was 20.4 per cent in 2023 – and two out of three NEETs are women.
• The NEET rate for young women in 2023 was 28.1 percent and 13.1 percent for young men.
• Globally, more than half of youth workers are in informal employment.
• Only in high- and upper-middle-income economies do most young workers today hold regular, secure jobs.

“None of us can look to a stable future when millions of young people around the world lack decent work and, as a result, feel vulnerable and unable to build a better life for themselves and their families,” said ILO chief Gilbert. F. Houngbo.

“Peaceful societies depend on three key elements: stability, inclusion and social justice; And decent work for young people is at the heart of all three,” added the former Prime Minister of Togo.