10 Countries where young people can't find a job

24/7 Wall St. reviewed the 29 nations included in the report (most of which are in Europe, but they also include the U.S. and Japan) and identified the 10 nations with the highest unemployment rates among those 16 to 25.


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Unemployment in the European Union hit a record high in May. According to data provided by Eurostat, the unemployment rate in the 17 EU economies hit 11.1%, up from 10% the year before. There are now a quarter of a million more unemployed people in Europe than there were a year ago. During that period, the unemployment rate in those countries for those 25 and younger jumped from 20.5% to an unbelievable 22.6%. 





10. Lithuania

In May, Lithuania’s unemployment rate for those under 25 was 27.7% — more than double the country’s unemployment rate for its total workforce. The country’s economy was hit particularly hard during the 2008 financial crisis. the Lithuanian economy began recovering in 2010. As the economy grew, so have job opportunities for the youth. And although youth unemployment rate is still high, it is down from the January rate of 31.7%.

9. Latvia
Latvia’s youth unemployment rate has fallen from a high of 37.2% in 2010, while in the eurozone the unemployment rate for those under 25 has risen from 20.9% in 2010 to 22.6% in May.

8. Ireland
Up to 100,000 young people have emigrated from Ireland since the start of the recession, suggesting the youth unemployment rate in the country possibly understates the actual rate. Since July 2009, Moody’s Investor Services has downgraded Ireland’s credit rating five times, from Aaa to Ba1.

7. Bulgaria
Bulgaria’s youth employment rate has worsened considerably in recent years, coupled with a stagnation in GDP. According to the Sophia Globe, just 673 internships were offered to young unemployed Bulgarians, a number that is actually double April’s tally.

6. Italy
The current unemployment rates for both the total workforce and those under 25 are the worst registered in Italy in more than a decade. On July 2, the Italian General Confederation of Labour, Italy’s largest trade union, declared that youth unemployment in the country is a “dramatic national emergency.”

5. Portual
This year, the country’s monthly youth unemployment rate has frequently exceeded 35%. In order to combat its rising youth unemployment, Portugal promised to reimburse companies for up to 90% of social security contributions made for workers between the ages of 16 and 30 if they had previously been unemployed for more than four months.


4. Slovakia
In recent years, Slovakia featured among the highest unemployment rates in all of the European Union. In April, youth unemployment rate jumped to 39.7% from 34.5% the month before. Slovakia’s new prime minister, Robert Fico, is reportedly considering constructing public housing facilities and providing subsidies in order to reduce youth unemployment.

3. Croatia
Although unemployment rose considerably following the financial crisis, young Croatian workers have had a particularly difficult time.In late 2011, the World Bank announced Croatia was likely to reenter a recession, and early indications suggest the economy is once again contracting. This probably will exacerbate unemployment concerns for both the general population and young Croatians alike.

2. Greece 
The country’s overall unemployment rate increased from 7.7% in 2008 to 21.9% in March 2012. Since December 2009, Moody’s has downgraded Greece’s sovereign credit rating seven times, from A1 to C. In 2009, central government debt reached 141.97% of GDP, while GDP fell by 3.25% — before falling again by 3.52% in 2010. This has severely affected Greece’s youngest workers, 52.1% of whom were unemployed as of March.

1. Spain
Since 2010, Spain has maintained the highest overall unemployment rate of all countries surveyed. In May 2012, the country’s youth unemployment rate caught up to that of Greece’s 52.1%, the highest rate in the study. Recent indicators suggest increasing economic weakness in Spain: the Markit Spain Manufacturing PMI, which tracks manufacturing growth, registered the lowest score in 37 months and the fifth-consecutive negative month. On June 13, rating agency Moody’s downgraded Spanish government debt from A3 to Baa3, and placed it on review for future downgrades. The effect of all this is a generation that, despite being well educated, has nowhere to work and lives with parents longer than ever.