The COVID-19 crisis has turned from a global health crisis into a severe economic crisis. The policy responses taken to fight the pandemic have resulted in economic shutdown, leaving millions out of work, with young people, women and less-skilled people worst affected.
Today there are 1.8 billion people in the world between the ages of 15 and 35 — a quarter of the global population. This is largest generation of youth and young people the world has ever known. Young adults are the backbone of every society, providing energy, ideas and investment potential.
The global recession is expected to result in the loss of five to 25 million jobs, and it will be young adults and young people that are most vulnerable to unemployment. Across the world, young working people will be the first to lose their jobs, or will have to resort to lower quality, less paid, insecure or unsafe jobs.
Youth workforce vulnerability
Young workers: According to the International Labour Organisation, just under half a billion (429 million) young workers worldwide are employed; three-quarters in informal work[1]; one quarter in formal work. And of these young workers, 126 million already live in extreme (13%) or in moderate poverty (17%). Rates of extreme working poverty and informal work status are especially high in sub-Saharan Africa, the Arab States, and Southern Asia.
Young students: Over half a billion (510 million) young adults and young people are in education.