Unemployment and Economic Opportunities For Youth
By Fatima Faraz
Unemployment of youth remained a high concern of every nation state in the world. This has also remained under the focus of policymakers and strategists during recent decades across the globe and countries are still striving to control youth unemployment. No doubt, this is a global phenomenon but Pakistan being a developing country faces it more severely. Hundreds and thousands of youngsters enter the job industry but only a minute percentage of them are getting formal jobs. This will leave most of the youth unemployed, especially the ones from marginalised regions. A significant section of the unemployed youth adversely affects the economic growth and development of a nation.
Despite positive growth in the youth employment statistics during the last 12 years (9% – according to Statista), a significant chunk of the educated young population is still unemployed. Pakistan Institute of Development Economics research suggests that 24% of educated youth in Pakistan are jobless and this rate is increasing each day. Youth unemployment not only leads to economic instability in terms of profit or loss or decrease in the GDP but also leads to health and psychological issues including mental illness, anxiety, and lack of hope for the future as well.
An increase in population and lack of economic opportunities are major reasons in Pakistan due to which unemployment is increasing day by day leading to poverty and economic instability. Pakistan’s education system, lack of market-required skills and lack of technical education are the other key factors contributing to the unemployment crisis in Pakistan. Recently, the Covid-19 pandemic has also played a significant role in reducing jobs, decrease in economic opportunities and decreasing wages.
Inclusivity has no longer prevailed because mostly the students from low-income families cannot compete in job markets. Because of the lack of opportunities, highly educated youth go to opposite fields to satisfy their financial needs but that decision often harms their already developed skills and their educational qualification due to underutilization in certain areas.
Unemployment not only affects the economic and social life of the youth but also leads the severe physical and psychological health issues among the youth. Due to the blur future prospects and lack of job and economic opportunities, many youngsters lose hope and plunge into the sea of desperation.
If we look into the Newly Merged districts of KP, they are facing the same dilemma as most of the young population of KP and other provinces are going through. Everything boils down to money and money spent in the right manner can alleviate people from poverty. The economic activities in the merged districts must take a boost so that youth find their rightful place in these efforts. If money is available, tribal youth would wholeheartedly lead the track.
In poor communities, young people cannot afford to be unemployed so they take any work they can get which leads to underemployment. Today, our world is younger than ever before, but if the situation remains the same, countries like Pakistan will fall, and rising economies will topple hence plans to provide more opportunities should be integrated on national and regional levels.
Making money and finding proper opportunities is a skill and our education system and state have to educate our youth along with formal education that how can they acquire this skill. There are tons of opportunities available for moneymaking online but lake of proper guidelines prevents youth from finding those opportunities. Social Media and several digital platforms could be utilised for finding such opportunities. Educated youth should explore freelancing, which is the most grooming field for economic opportunities.
