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Global Opportunity Report 2016: Let’s get youth into work

The Global Opportunity Report 2016 will be launched on January 26th at the DNV GL Oslo headquarters. In developing the report, we surveyed thousands to discover the most pressing global risk facing society. Respondents ranked unemployment as the greatest concern. In the coming report, we will address this risk and turn it into opportunities and solutions for getting youth into work.

Youth unemployment

In 2013, it was estimated that about 26 million youths in OECD countries are not in education, employment or training. For the same year, the World Bank estimated that for the developing countries, the number was 262 million[1]. These numbers reflect some of our friends, some of our relatives – we all know someone unwillingly part of this number, and can imagine the frustration of being hindered from fulfilling our potential.

Potential is an important word in this context. Untapped potential is the result of youth unemployment. Failing to address youth unemployment is to waste a generation, and this comes with a large societal cost. In Europe alone, World Economics has suggested that the total economic loss of youth unemployment in 2011 was 1.2% of Europe’s GDP.

Mismatch between supply and demand of skills

Researchers point to a mismatch between the supply and demand of skills, where types of skills demanded change rapidly and politicians and education systems are struggling to adapt. The annual Human Development report will be launched on December 14 in Addis Ababa, and will focus on the concept of work and how to ensure it enhances human development.

Through the UN Sustainable Development Goal #8: Promote inclusive and sustainable economic growth, employment and decent work for all, we now see a stronger focus on dealing with unemployment as a global challenge. UN states that 470 million jobs are needed globally for new entrants to the labour market between 2016 and 2030. Part of the goal is to substantially reduce the proportion of youth not in employment, by 2020.

Opportunities to address youth unemployment

Given the extent of untapped potential of out-of-work youth, it follows that this risk also carries many opportunities. In the Global Opportunity report 2016, we will present opportunities to address youth unemployment. These have been developed through input from 8 panels held in 5 continents. The opportunities have been assessed in a survey of 5 500 respondents from all over the world. Different societal stakeholder groups from eight regions worldwide have expressed how they perceive youth unemployment to affect them, and how likely they are to advocate for change and pursue opportunities related to this risk.

The survey results will give insight to how different stakeholder groups and different regions perceive this risk, and their abilities and likelihood of pursuing the given opportunities. All will be revealed when the Global Opportunity Report 2016 is launched on the 26th of January at DNV GL in Oslo. Stay tuned!

 

You can read more about the Global Opportunity Report here.

[1] http://www.economist.com/blogs/economist-explains/2013/05/economist-explains-why-youth-unemployment-so-high , 2013

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