Coronavirus: Pandemic has widened global generation gap as youth unemployment rates soar, report finds

The Covid-19 pandemic has accelerated a gulf between generations with people aged under 25 far more likely to be unemployed, a new global report has revealed. The Organisation for Economic Co-operation and Development said unemployment rates have surged by 4.9 per cent since February - from 11.7 per cent to 16.6 per cent - for those aged 15 to 24, more than double the rise for those aged 25 and over. The stark statistics are based on a survey of 34 OECD member countries, including the United States, Canada, Australia, the United Kingdom and Spain, eight further non-member nations, the European Commission and 81 youth organisations. The report states that while younger people are less likely to suffer ill health as a result of the virus, they are bearing a heavy cost brought about by worldwide lockdowns, the shutdown of education institutes and the ongoing impact on the economy. Young people are likely to have less job security, less disposable income and find it harder to get on the housing ladder, the study by the intergovernmental economic organisation stated. "Youth across OECD countries enjoy unprecedented access to information, education and technology," found the report titled Governance for Youth, Trust and Intergenerational Justice. "However, the repercussions of the global financial crisis in the late 2000s, the Covid-19 pandemic and global transformations such as climate change, ageing, digitisation, and rising inequalities have created uncertainties about the future young people and unborn generations face." During the pandemic, students lost part-time jobs and had fewer financial reserves to fall back on. The study found that countrywide lockdowns and social distancing measures in place in many OECD countries had disrupted everyday life. “The pandemic hit OECD countries at a moment when many young people had barely recovered from the repercussions of the 2007-08 global financial crisis," stated the report. “When youth are not active in social life and the labour market, the costs for societies and economies are high. "Their absence undermines social cohesion, productivity, and the potential for inclusive growth." Across OECD countries, the 2007-08 crisis left 15 million young people unemployed, while one in ten jobs held by people under the age of 30 was lost, found the report. In 2017, on average across OECD countries, one in 10 young people aged 15-24 was not in education, employment or training. This lead to an economic cost of between 0.9 per cent and 1.5 per cent of OECD GDP. The study recommended that governments remove barriers to youth participation in politics, create programmes to help young people join the public sector, and provide programmes for inter-generational learning. Suggestions included strengthening volunteering and youth work opportunities, investing in youth strategies, and making targeted policies to help young people. Governments also need to show a strong commitment to reduce inequalities within different age groups and promote age diversity in decision-making. The Arab Youth Survey 2021, reported earlier in October, that one in five young Arabs said they or someone in their family had lost their job due to coronavirus. The survey reported that 72 per cent said it was “much more difficult” or a “little more difficult” to find a job now compared with the pre-Covid era. In the UAE, 41 per cent said finding a new job is more difficult now than before the pandemic. The report also found that more than four in 10 people aged 18 to 24 had thought about or were attempting to emigrate. The youth survey involved face-to-face interviews with 4,000 people in 17 countries. The survey found that 35 per cent of respondents had personal debt, up from 15 per cent five years ago.

Coronavirus: Pandemic has widened global generation gap as youth unemployment rates soar, report finds

A new global study has revealed that young people have less job security and disposable income and find it harder to afford housing