European Youth Unemployment is Out of Control

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”.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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