THE recent global economic crisis took an outsized toll on young workers across the globe, especially in advanced economies, which were hit harder and are recovering more slowly than emerging market and developing economies.
Young people have always had a tough time finding work. Historically, the unemployment rate for those ages 15 to 24 in advanced economies has been two to three times higher than for older age groups. But since the global crisis began in 2008, young people have suffered a much sharper rise in joblessness than older workers, and structural issues—especially in Europe—have exacerbated youth employment problems.
Unemployment can exact a big personal toll on young people. Failure to find a first job or keep it for long can have damaging long-term consequences on their lives and career prospects. But youth unemployment also has broader social consequences and contributes significantly to growing income inequality in advanced economies.
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