Preparing the Next Generation of Workers for a Downturn in the Economy

Isn’t this a unique time?

There are four primary reasons why this situation is unprecedented.

Although recessions have happened in the past, this one is unprecedented. The 2008 crisis was more than a recession. There was a complete economic collapse.

The present crisis is unique from past ones as a result of these developments.

As long as the banking industry remains unreformed, another financial disaster is unavoidable.

To ensure a swift recovery, the administration has not adopted a growth strategy , hiking up the interest rate is not reform ,will it really help the economy

Certain folks will never recover from this recession, as economic inequity has widened significantly since the last one.

Due to the lack of a clear strategy for restoring the economy, another recession is expected in the near future.

The global economy is regressing, getting worse .Things look to be worse rather than improving as a result of rising oil prices and a conflict between Russia and Ukraine.

How Youth and New Millenials are influenced differently by the recession.

According to the United Nations World Youth report, the world’s youth account for 28% of the global population. Additionally, 25% of the working-age population is made up of youth. In 2020, there will be more than 1.5 billion people in this age group worldwide.

Youth unemployment is three to four times that of adults. Young women, who are more likely to be jobless than men in the majority of countries, confront an exceptionally terrible situation. According to the ILO, young people in both developed and developing countries are more likely to work long hours, on short-term contracts, with low compensation, and with no social security at all.

Individuals who enter the labor market with limited options, such as a lack of education or experience, are more likely to endure lengthy or brief spells of unemployment, as well as low-wage jobs.

Over a billion young people, aged 15 to 24, are unemployed. 85 percent of participants would be from developing countries. According to the International Labor Organization (ILO), there are 160 million jobless persons globally, with around 40% of these individuals belonging to the youth sector.

For the majority of young adults, short-term employment is expected to be their principal source of income. When the youth sector is casualized or contractualized, the benefits and social safeguards that young people receive from their job are compromised. This is why a disproportionate number of young people labor in hazardous occupations without proper safety protections.

The great majority of young people worldwide work in the informal economy. The informal sector provides the majority of new jobs for young people in Latin America. Additionally, Africa has 93 percent more informal work options than the rest of the globe. Long hours, low pay, and poor working conditions are all too frequent for people working in the unorganized sector. These individuals lack access to social security and benefits, as well as the ability to form groups, organizations, or unions and engage in collective bargaining.

College students are also suffering the recession’s impact. During a recession, the economy’s production drops. The administration lowers taxes while bolstering the fiscal safety net. As a result, school financial management grew more challenging.

The government’s spending safety net impairs children’s daily schooling. Programs may have to reduce course offerings, and student activities to compete for a lesser proportion of education financing. Student loans, scholarships, internships, and other types of financial assistance may also become scarcer in the future. Budget cuts will result in increased tuition fees as a result of decreased education financing. This category includes state-sponsored institutions and public schools in particular.

The results indicate that children are pushed into low-wage, high-risk jobs with little social security as a result of poverty and adverse conditions. Our youth are driven to jeopardize their health and physical strength and mental stress in order to advance their careers and lives.

There are several ways in which an economic slump might be detrimental to our youth. Unemployment has a huge influence on the mentality of our young people, as proven by our society’s large unemployment rate. Unemployment can result in alienation, discontent, and even low self-esteem.

Avoiding imminent difficulties is crucial for our children’s future. Establishing youth employment initiatives and fiscal policies that are effective is a smart place to start , as many will be entering into a workforce of the #NewNormal Economy