Youth Speaking Out


CliftJBy Jeremy Clift

Young people, hardest hit by the global economic downturn, are speaking out and demanding change. Coming of age in the Great Recession, the world’s youth face an uncertain future, with lengthening job lines, diminished opportunities, and bleaker prospects that are taking a heavy emotional toll.

Some people call them the iPod generation—insecure, pressured, overtaxed, and debt-ridden—but insecure or not, around the world young people are challenging a system that appears to have let many down. “Young people want a world economy that is more just, more equal, and more human,” says Angel Gurría, secretary-general of the Organization for Economic Cooperation and Development.

Differing impact on generations

Youth Demanding Change

The Great Recession has taken its toll on the different generations in different ways. For the post–World War II baby boom generation, it’s essentially a wealth crisis. A generation that had hoped to retire has seen the value of its property and savings dramatically eroded. For the group known as Gen X (born 1965–80), it’s an income crisis. They should be in the period of their life when they are earning the most, but the downturn has depressed their salaries and threatens their pensions. For Gen Y (1981–2000), it’s about their future and the potentially damaging legacy of the boomer generation.

In recent issues of the magazine, we have looked at the impact of aging populations on economies around the world and how inequality affects growth.

In the March 2012 issue of F&D, we look at the need to urgently address the challenges facing youth and create opportunities for them. Watch a video on this.

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Shared Frustrations: How to Make Economic Growth in Sub-Saharan Africa More Inclusive


By Antoinette M. Sayeh

(Version in Français)

Suddenly it’s the thing everyone is talking about. Income inequality. Not just between countries, but inequality within countries.

In North Africa and the Middle East, jobless youth sparked the Arab Spring. In the United States, the growing gap between rich and poor is the “meta concern” of the Occupy Wall Street movement. Worldwide, frustrations appear to be on the rise.

What about sub-Saharan Africa? Sustained economic growth has certainly produced some tremendous advances. But a large proportion of the population is still living in poverty. So frustrations about the inclusiveness of growth are also shared within the region.

Complex story

Is the story really as negative in sub-Saharan Africa as the relatively slow reduction in the incidence of poverty and some people’s frustration suggest? Or is the underlying situation a little more complex?

In July, I wrote about the importance of inclusive growth and whether economic growth was a necessary or a sufficient condition for poverty reduction. The IMF’s latest Regional Economic Outlook for Sub-Saharan Africa takes that thinking a step further. The new analysis looks at how living standards for the poorest households have actually been changing in some countries in the region.

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