Q24N (La Estrella) A report from the Banco de Desarrollo de América Latina y el Caribe (CAF) – Development Bank of Latin America and the Caribbean – shows that in the region there are 23 million people, between the ages of 15 and 29, who neither work nor study.
It is estimated that in Latin America and the Caribbean there are close to 160 million young people, between the ages of 15 and 29, representing 25% of the population in the region, according to the report ‘Inclusion and Youth in Latin America and the Caribbean’, prepared by the Development Bank of Latin America and the Caribbean (CAF).
The letter, published in mid-April, noted that one of the biggest challenges facing the area is “job insecurity” and the lack of decent employment opportunities that this age group has.
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Data from the International Labor Organization (ILO) show that, currently, there are around 9.4 million young people unemployed and another 23 million who are neither working nor studying.
Related: Youth unemployment in Costa Rica is the highest in Latin America
According to the document, this last group is a consequence of deficiencies in childcare systems and the lack of policies that allow the youngest to work, study and fulfill their family and personal responsibilities.
To this, we must add labor informality, which keeps more than 30 million young employees without enjoying the benefits of social security. Although labor informality decreased by 10% during the last 15 years, it still represents a fairly high average percentage in the countries of the area (62.4%), the report highlighted.
“Despite the increase in the educational and income levels of young people in recent years, the youth unemployment rate in LAC continues to be triple that of the adult population and maintains worrying levels: in 2021 it reached 19.2% against 7.3% of adults,” CAF indicated.
This was more dramatic in the case of young women, who, despite having better educational results than men, have a higher level of unemployment (23.9% compared to 16.1%), motivated by unequal responsibility in taking care of the home.
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Another point that conditions people’s labor insertion is the lack of flexibility in jobs, faced with people who do not have academic degrees and who, as a result, end up in a dynamic of labor exploitation, discrimination and lack of labor rights.
CAF considers that to face the reality of unemployment it is essential to develop entrepreneurship. “Although Ibero-American youth maintain a favorable predisposition towards entrepreneurship, the business activity of young people in LAC is characterized by the coexistence of few fast-growing ventures alongside many subsistence ventures,” the organization alleged.
It is estimated that almost 72.6% of young people, between 18 and 24 years old, see entrepreneurship as a favorable option as a career choice. While 69.5% view entrepreneurs favorably.
The report points out that the problem is that there are still barriers to its development: access to financing, the need to improve skills, the creation of networks and overcoming regulatory obstacles are just some of the obstacles mentioned.
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