Bloomberg reports on the grim statistics posted by the World Bank: reportedly, regardless of gender or country, "people 15 to 29 years old" are "twice as likely as adults to be unemployed." The report further indicates that 600 million jobs need to be created over the next decade, "just to prevent the situation from getting worse."
At stake is the well-being of the entire global economy. Without an income, millions of young people slump into poverty. By delaying their entry into the workforce or accepting low-paying jobs, many limit their lifetime earning potential. When young people don't work, governments don't get the tax revenue and businesses fail to gain customers.
"Social costs are ever mounting as well," the report said, citing youth-led uprisings in many Arab countries and the rise of economic insurgency and youth extremism. "What we see is a generation in economic crisis."
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