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Education to employment: Designing a system that works

Author: Mona Mourshed, Dianna Farrel, Dominic Barton
Organisation: McKinsey Center for Government
Publish Date: 2012
Country: Global
Sector: Economic
Method: Creative thinking
Theme: Employment
Type: Report
Language: English
Tags: Unemployment, Youth employment, Education, Skills, Job creation

Worldwide, young people are three times more likely than their parents to be out of work. In Greece, Spain, and South Africa, more than half of young people are unemployed, and jobless levels of 25 percent or more are common in Europe, the Middle East, and Northern Africa. In the Organisation for Economic Co-operation and Development (OECD) countries, more than one in eight of all 15- to 24-year-olds are not in employment, education, or training (NEET). Around the world, the International Labour Organization estimates that 75 million young people are unemployed. Including estimates of underemployed youth would potentially triple this number. This represents not just a gigantic pool of untapped talent; it is also a source of social unrest and individual despair.
Paradoxically, there is a critical skills shortage at the same time. Across the nine countries that are the focus of this report (Brazil, Germany, India, Mexico, Morocco, Turkey, Saudi Arabia, the United Kingdom, and the United States), only 43 percent of employers surveyed agreed that they could find enough skilled entry-level workers. This problem is not likely to be a temporary blip; in fact, it will probably get much worse. The McKinsey Global Institute estimates that by 2020 there will be a global shortfall of 85 million high- and middle-skilled workers.
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