This post is a continuation of the previous blog post where we would examine the situation of youth unemployment in developed nations. But first let us understand a little bit of context of how youth unemployment comes about… Well, many have said that it is due to the structural changes of the economy, ie basically a mismatch of the skills of the workers and the economy. How did these structural changes even come about? It could be due to technological developments that displace many from their jobs due to automation, and of course the need for more specialized skills in this technologically-driven economy.
Let’s talk a look at the youth unemployment rate in Asia for a start: the highest would be Hong kong at around 15%, followed by Taiwan at 11%, South Korea at near 10%… where do you think Singapore fare? Well a quick search indicates about 6% as of 2016-2017. Singapore has one of the lowest unemployment rates in the world by international standards, be it for youth or general unemployment rates even if they have been creeping up recently due to structural changes here. Life for these youths appear to be so challenging and bleak that there is a new term to describe their situation in Korea -” Hell Korea”. For those who are interested, you could take a look at this video interview where young Koreans talk about their future and whether they desire to stay there in the long run:
What is the purpose of this post? It is to highlight that the world’s economic structure has been changing fast, and it is a reminder for all young people to change and adapt in accordance to it. Your academic qualifications are no longer enough to bring you to the place and the company that you desire to work in: Young Graduated & Unemployed.
Employers expect you to have some related experience to the job. Well, I guess this has been what we have been waiting for, the day where grades no longer define us… unfortunately, it is the family background, connections and opportunities that would define and divide us increasingly…