Where to look for a solution?
Over the last decade, the World Bank has invested $2.85 million in youth job creation, more than any other institution (IEG Report – 9/12). Based on that experience, they make two seminal points:
- There is a massive shortage of data about, and evaluation of, different youth job creation initiatives – especially regarding their cost-effectiveness.
- There is an urgent need to end the piecemeal approach. As the World Bank reports, “Evidence on what works in youth employment is scarce. Known factors that contribute to success are a comprehensive approach that includes participation of the private sector, monitoring and follow up of individual participants, and complementary interventions, such as combining training with job search and placement…” (IEG Report – 9/12).
There have been a number of creative initiatives proposed by the World Bank, various governments, business schools and both the private and public sectors. However, the most effective solutions must lie with young people themselves, as they are the ones suffering. Many young people are already lobbying to improve their employment prospects; this Summit will inspire and empower them to play a significant part in creating the solutions necessary to lift them out of this ‘epidemic of joblessness’ (Economist 27 April 2013).
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