TEXT OF STORY
MARK AUSTIN THOMAS: It’s a global problem you may not be aware of: 85 million young people around the world have no jobs. That word from the International Labour Organization based in Geneva. Their latest report on youth unemployment is out today. It says the hardest hit area is Southeast Asia. Ruth Kirchner has more.
RUTH KIRCHNER: The ILO says youth unemployment in Southeast Asia is a lot higher than the global average.
While countries like Thailand, Vietnam and Malaysia have seen robust growth over the last few years, the number of jobs available for people aged 15 to 24 has not kept up.
Steven Kapsos is a labor economist with the ILO.
STEVEN KAPSOS: “You can have very rapid output growth and oftentimes what we’re seeing in East and South East Asia is a structural change, so economies are developing and they’re moving from agricultural production to more manufacturing and higher value added services.”
Kapsos says young people often don’t have the right skills to fill these new jobs.
He warns that the youth unemployment is costly both in economic and social terms and can lead to crime and social unrest.
I’m Ruth Kirchner for Marketplace.
If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air. But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.
Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.
When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.