According to the latest OECD unemployment survey, the end of the crisis is not yet in sight. In particular, Spain and Greece, where around 60 per cent of young people are unemployed, are “paying a high price,” writes Belgium magazine De Morgen.
In the next 18 months, the situation is expected to get even worse. Overall unemployment rates will rise above 11 per cent in France, up to 12.5 per cent in Italy and up to 28.2 per cent in Greece. Only Germany is doing well, with jobless rates expected to fall to below 5 per cent in the coming months.
The OECD is calling for more state intervention and proposes that governments should sudsidise companies hiring young people. The newspaper describes the proposal of the thinktank, made up of 34 western countries, as “striking”, since the OECD has always been “an advocate of deregulation and decreased state intervention”.