The current economic crisis has hit young people harder than previous crisis. Youth unemployment usually rises fast in an economic downturn, but this time it has risen by 6.5 percent compared to an average 4 percent during earlier downturns.
These figures were presented in Oslo in September in a joint report written by economists from the currency funds, the IMF and the International Labour Organization.
Statistics were collected from the eight countries with the longest running statistic on youth unemployment, but covers the whole of the OECD. Germany and Japan have been excluded as two countries which have managed to keep youth unemployment under control.
Youth unemployment has risen most in Spain. Between 2000 and 2008 it was 22.5 percent, but has now hit 38 percent.
15 to 24 year olds are at greatest risk of becoming unemployed. That risk has risen over the past few years depending on which country you live in, your education and sex.
Becoming unemployed has greater consequences when you are young. Unemployment doesn't mean simply a shorter period of time with reduced income. 15 to 20 years after a downturn, people who lost their jobs and later found employment might still take home 20 percent less pay compared to those who didn't loose their jobs.
Unemployment affects even the next generation. Children of unemployed parents do less well at school. There's a 15 percent increased risk of them having to redo a school year. A Canadian statistic showed children of fathers who became unemployed had a 9 percent lower income when they grew up compared to children of fathers who did not become victims of cuts.
The report calls the economic crisis The Great Recession. It deals with it in three main areas:
ILO and economists from the currency funds give this advice on how to handle the crisis over the coming months: