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Economic research indicates that minimum wages [104] increases youth unemployment [105] in competitive labour markets for unskilled youth labour, and that the resulting delayed entry into the job market (for youths who are unable to obtain a job) leads to a reduction in training opportunities and thus a reduction in lifetime income. [106]
Greece has the highest youth unemployment rate in the European Union as of May 2019 with a rate of 40.4% of youths between 15-24 unemployed. [1] This is far higher than the EU youth unemployment rate of 14.3% in 2019. [2] The Greek youth unemployment rate is also the second highest among OECD nations only being surpassed by South Africa. [3]
High and the persistent unemployment, in which economic inequality increases, has a negative effect on subsequent long-run economic growth. Unemployment can harm growth because it is a waste of resources; generates redistributive pressures and subsequent distortions; drives people to poverty; constrains liquidity limiting labor mobility; and ...
Even though the rate of long-term youth unemployment has lowered recently, the fact that it remains high is cause for concern, since the greater quantity of unemployed youth, the greater the potential effects not only on themselves but on the Spanish economy as a whole.
There are many domestic factors affecting the U.S. labor force and employment levels. These include: economic growth; cyclical and structural factors; demographics; education and training; innovation; labor unions; and industry consolidation [2] In addition to macroeconomic and individual firm-related factors, there are individual-related factors that influence the risk of unemployment.
Some youth also have negative views on certain jobs so they are unwilling to take them if offered a position. Youth unemployment poses a serious political, economic, and social challenge to the country and its leadership. [15] The cycle is making it increasingly difficult for Uganda to break out of poverty.
Technological unemployment is the loss of jobs caused by technological change. [1] [2] [3] It is a key type of structural unemployment.Technological change typically includes the introduction of labour-saving "mechanical-muscle" machines or more efficient "mechanical-mind" processes (), and humans' role in these processes are minimized. [4]
Croatia has also instituted the National Youth Programme 2014–2017 and its successor the National Youth Programme 2019–2025 to reduce unemployment among the country's youth. [5] Unemployment benefits are available under certain conditions. Benefits are given to those who have worked for at least nine months out of the prior twenty-four ...