What Country Has the Highest Rate of Youth Unemployment in the World?

Youth unemployment is a metric that often doesn’t get quite as much credit as it deserves, but in spite of the fact that this is the case it is an important aspect of measuring the overall success of a nation’s economy. It turns out that Spain has the highest rate of youth unemployment of all, with around 27.4% being reported by the OECD. The Covid pandemic made things ever worse than might have been the case otherwise, and countries around the world are struggling to keep the pace.

With all of that having been said and now out of the way, it is important to note that Costa Rica came in second with a youth unemployment rate of 27.1%. Sweden followed up in third place with 24.9%, followed by Greece with 23.6%. Italy then rounds off the top five list with 21.3%.

However, it bears mentioning that China and Italy have actually tied for fourth place, with the East Asian great power also revealing a youth unemployment rate of around 21.3% with all things having been considered and taken into account. No other country crossed the 20% mark apart from these six, although Chile and Luxembourg came close with 19.8% and 19.6% respectively.

Youth unemployment can be harmful because of the fact that this is the sort of thing that could potentially end up preventing young people from being in control of their financial destinies. Most European countries have a high rate of youth unemployment, although this might be more related to their focus on free education thereby allowing kids to remain kids instead of having to work for a living.

On the other end of the spectrum, Japan ended up showing the lowest youth unemployment rate of all with just 4.2%. Mexico and Israel weren’t far behind, with 5.2% and 5.3% respectively. South Korea and Slovenia round off the top five list for the lowest rates of youth unemployment with 5.4% and 5.6% respectively, which just goes to show that these metrics are usually independent of geographical location or proximity to other nations that are highly developed.

Source: Visual Capitalist
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by Zia Muhammad via Digital Information World