OTTAWA — The OECD is urging governments to take swift action to address stubbornly high unemployment, warning the slow recovery is creating conditions that could scar youth and some workers the rest of their lives. The Paris-based think-tank says the social costs of high levels of youth unemployment in some advanced nations are already large, but the situation threatens to transform from a cyclical to a structural problem.
The Organization for Economic Co-operation and Development says governments must do all they can to avoid a lost generation of youth who become disconnected from labour markets.
Not all countries have been affected, but some, like Greece and Spain, have seen youth unemployment rise to above 50 per cent.