Entering the youth labour market is supposed to be an important phase in any young person’s development. However, youth unemployment has become a colossal and an intractable economic problem.
The global number of unemployed youth is set to rise again by half a million to reach 71million by the end of 2017. This is a ticking time bomb that can explode at any time. It is evident from the analysis that most labour markets, as institutional subsystems are characterized by severe problems that cause institutional disequilibrium. If this alarming rise in youth unemployment is not addressed soon, the economic costs for most countries will be higher as it will definitely lead to long- term adult unemployment.
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