Avoiding a lost generation: ten recommendations to support youth entrepreneurship across the G20
Of the many and varied repercussions of the 2007-08 financial crisis, one that rippled across borders to impact both developed and developing economies was rising unemployment, an issue that affected young people in particular.
As part of our ongoing work to support entrepreneurship and its impact on job creation, our latest report, Avoiding a lost generation: ten key recommendations to support youth entrepreneurship across the G20, highlights some very clear and actionable guidance based on best practices adopted by governments across the G20.
This report follows on the heels of our previous report, Avoiding a lost generation: young entrepreneurs identify five imperatives for action, where we surveyed 1,000 entrepreneurs on a wide range of possible policy and other initiatives that would boost their activities.
The recovery has not impacted youth unemployment
While growth has picked up in many countries and a new sense of optimism is present through much of the global economy, the high number of young unemployed has proven a persistent and deeply entrenched barrier to further progress.
Although policymakers around the world have searched for sustainable solutions, a global youth unemployment rate of 16.1% tells a story of dreams dashed, ambitions unfulfilled and potential wasted.
In this context, the broader message of economic recovery is one that must hold limited resonance for a young person without a job, or even the prospect of one.
Entrepreneurs feed the job creation machine
And yet all is not lost.
Once again, the answer lies in the activities of one of the world’s most precious economic commodities: entrepreneurs. As generators of jobs, supporters of local communities and pivotal components of more prosperous societies, it’s no wonder they are so highly prized by governments across the G20 and beyond.
Young entrepreneurs are of particular importance. Brimming with potential and energy, theirs are activities - if nurtured and supported correctly - that can lead to meteoric growth, jobs and success across societies.
How governments can help
An important starting point is the recognition that youth unemployment, while a global phenomenon, varies from one G20 country to another. Low skill levels may be prevalent in some countries, whereas others enjoy higher skills but limited job opportunities.
Recognizing that there is no one-size-fits-all solution, we have created a new guide which provides a framework for assessing the youth employment challenge in G20 countries. From this analysis, and our own extensive experience with governments and entrepreneurs, we prepared this report which includes our 10 key recommendations for G20 policymakers to consider.