By Nicole Goldin
Economic opportunity is a critical driver of individual and family security, and national growth, development and social progress. Harnessing the capacity of youth in particular, as producers and consumers, can be a boon to both national and the global economy alike. Yet around the world, youth in developed and emerging economies continue to face significant barriers to fulfill their economic promise and prospects. Around the world, young people are up to 4 times more likely to be unemployed than the general working population, with global youth unemployment rising above 13%, up from 11.5 percent in 2007. Less than 40% of youth worldwide are banked.
The Global Youth Wellbeing Index, released in April by the Center for Strategic and International Studies (CSIS) and the International Youth Foundation (IYF) with principal funding from Hilton Worldwide, economic opportunity was one of six domains and sub-indices included. The Index considers the state of youth in 30 countries around the world, which hold nearly 70 percent of the world’s youth population. Of the forty indicators that comprise the Index, seven make up the economic opportunity domain: GDP per capita; economic climate and competitiveness; youth lending from a financial institution; youth involved in early-stage entrepreneurial activity; youth unemployment; youth not in education, employment, or training (NEET), and youths’ income and wealth expectation. Continue reading