WASHINGTON: Youth unemployment continues to pose a significant challenge for India, with a rate of 23.2 percent in 2022, despite sustained high economic growth. The Prime Minister Narendra Modi-led government has struggled to generate job opportunities for the country’s young population.
New data released by the World Bank reveals that India has the second-highest youth employment rate in South Asia, with crisis-stricken Sri Lanka topping the list at 26.1 percent.
In other South Asian countries, Nepal has a 20.6 percent youth employment rate, followed by the Maldives at 15.7 percent, Bhutan at 14.7 percent, and Bangladesh at 12.9 percent.
Notably, Pakistan, despite its severe economic challenges, ranks seventh in South Asia, with 11.3 percent of its youth unemployed.
Comparing to 2020 figures, India has seen a notable decrease from 30.9 percent, while Pakistan’s decline is marginal, going from 11.9 percent to 11.3 percent in 2022.
Conversely, China has experienced a fifth consecutive year of increasing youth unemployment, with the rate reaching 13.2 percent, up from 9.7 percent in 2018. This issue is a significant concern for the Chinese economy, especially during an economic slowdown.
In Argentina, where the peso is rapidly devaluing with triple-digit inflation, youth unemployment has decreased to 18.6 percent, down from 30.4 percent in 2020. Neighboring Brazil has a youth unemployment rate of 21.4 percent, compared to 30.5 percent in 2020.
In Europe’s major economies, Italy faces the highest youth unemployment rate at 23.9 percent, followed by France at 17.8 percent, the United Kingdom at 9.9 percent, and Germany at 5.8 percent.
In the Middle East, Jordan has the highest percentage of jobless youth at 39.8 percent. Saudi Arabia and the United Arab Emirates report youth unemployment rates of 23.8 percent and 9.3 percent, respectively.