The global issue of youth unemployment is a growing concern, with 22.4% of individuals aged 15 to 24 identified as NEETs, not in education, employment, or training. This category includes both unemployed youth actively seeking work and those not actively looking for work due to various reasons. The economic cost of NEETs is significant, with studies showing potential GDP boosts if NEET rates are reduced.
In the Asia-Pacific region, the COVID-19 pandemic exacerbated the NEET crisis, pushing an additional 9.5 million youth into NEET status. This has serious implications for the region’s economy and social fabric, with women making up a significant portion of the NEET population.
The concept of NEETs has evolved over time, with different countries adopting varying definitions and methodologies to address the issue. In Japan, the term “Hikikomori” refers to young NEETs who live in isolation, highlighting the social exclusion faced by this group.
To combat the NEET crisis, private sector companies like Coursera and Amazon are offering skills training and employment opportunities to unemployed individuals. These initiatives aim to upskill the youth and improve their career prospects, ultimately benefiting the economy.
Overall, addressing the issue of youth unemployment and NEETs requires a multi-faceted approach involving government policies, private sector initiatives, and societal support to ensure that young individuals have access to education, training, and employment opportunities.