"The global youth unemployment rate, estimated at 12.6 per cent in 2013, is close to its crisis peak. 73 million young people are estimated to be unemployed in 2013. At the same time, informal employment among young people remains pervasive and transitions to decent work are slow and difficult. The economic and social costs of unemployment, long?term unemployment, discouragement and widespread low?quality jobs for young people continue to rise and undermine economies' growth potential. Skills mismatch (overeducation and over?skilling coexist with undereducation and under?skilling) on youth labour markets has become a persistent and growing trend. Young workers often receive below average wages and are engaged in work for which they are either overqualified or underqualified. As much as two?thirds of the young population is underutilized in some developing economies, meaning they are unemployed, in irregular employment, most likely in the informal sector, or neither in the labour force nor in education or training. Youth unemployment and its scarring effects are particularly prevalent in three regions: Developed Economies and European Union, the Middle East and North Africa."

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