It seems that the world has not learnt from the causes of last major financial crisis in 2008, the world economy in today in today is facing many challenges and rising scale of unemployment in many parts of the world is certainly one of the main challenges. This is a problem in both developed and developing world; unemployment is the US has fallen in 5% according to latest figures by United States department of labour (Labor Force Statistics from the Current Population Survey. [ONLINE]), similarly, the level of unemployment in India has been on the rise despite many foreign companies going over these to invest.
In the Middle East, the threat of unemployment is very real; today, the unemployment rate is approximately estimated to be 32 percent. First-time job seekers, mostly between 15 and 24 years of age, make up more than 50 percent of the unemployed. For women, the unemployment rate is nearly 50 percent greater than for men (The World Bank). This is a major threat in terms of development in the region and this has already caused major global imbalance so in order to get that balance back millions of jobs must be created not only in this region but all around global South countries. The implications are both social, economic and political so to ignore the role the youth can play in the society is a great danger to the stability of any society; the world is interconnected in more than one way than it has ever been so internationally the threats would be quite similar.
At the end of the day we have to remember that we live on this planet equally and everyone must take responsibility to protect it; the way the global economy is shaped in today is one that needs reconsideration as there are many challenges but in order to protect this particular issue from having major effects on the global economy governments must put in place plans to increase jobs so that means labour market and regional development may be a necessity in many countries across the world.
1. United States department of labor. 2016. Labor Force Statistics from the Current Population Survey. [ONLINE] Available at: http://data.bls.gov/timeseries/LNS14000000. [Accessed 17 February 16].
2. Middle East and North Africa – Fact sheet. 2016. Middle East and North Africa – Fact sheet. [ONLINE] Available at: http://web.worldbank.org/archive/website01418/WEB/0__C-301.HTM. [Accessed 17 February 2016].