Being unemployed for a longer period of time, particularly for the fresh graduates that have already spent a ton of money in acquiring their degrees, imprints a huge negative impact on their personality as well as on their behavior. Being unemployed leads to the likelihood of developing a scarring personality as well as attributing to increased pressure on service sectors as well.
Unemployment adversely affects the disposable income of families, erodes purchasing power, diminishes employee morale, and overall reduces an economy’s output. In fact, youth unemployment results in social exclusion anxiety and a complete loss of hope along with a serious decline in economic growth. Globally the youth unemployment ratio is increasing remarkably due to a list of reasons. Here we are going to discuss what really is youth unemployment, its impacts, and youth unemployment ratios in our country. Let’s dig into it.
The proper definition of the term youth unemployment is “A hectic situation of 15-a 24-year-old individual who is actively seeking work but not able to find a job “ In most countries, the average youth unemployment rate is significantly higher than the overall unemployment rate. There are almost 75 million young people seeking a job around the world. The international labor organization predicts that by 2024 more than 420 million people will be unemployed. Unemployment is affecting young women more than young men in almost all regions of the world. In Northern Africa, the female unemployment rate is almost double that of young men.
There are almost 41 million young people who become the potential labor force, this group of people along with unemployed youth form a group called NEET (not in education, employment, or training). Internationally 1 in every 5 young people has NEET STATUS.
Youth unemployment can rob anyone of the capacity to enjoy mental and physical well-being as it leads to social instability, constrained productivity, and complete loss of positive expectations. Youth unemployment has the potential to have significant and serious social repercussions.
Having a huge amount of young people being unemployed for a longer period of time imprints a negative impact on economic growth and development. Apart from economic downfall youth unemployment results in a feeling of being left out. There is a list of mental issues that one can face after being unemployed for a great time. Out of them anxiety, depression, lack of confidence, lack of hope for the future, and feeling of burden to society, suicidal thoughts remain the top most negative impact. Along with all these, there is a great risk of many health issues like high blood pressure, headaches, diabetes, heart disease, back pain, insomnia, and finally alcohol and smoking-related morbidity.
Youth unemployment in developing countries like Pakistan remains an eye-catching problem. We are currently facing this problem on a huge scale due to so many reasons and so many lacking from the government side. Pakistan Institute of Development Economics says that over 31% of Pakistan’s youth are currently unemployed out of this 51% are females, 16% are males with many of them holding professional degrees. The unemployment rate in Pakistan is expected to reach 4.70 percent by the end of the year 2022.
