Saturday, November 16, 2013
World of Finance: Unemployed European Youth
So what is going on in Europe, yesterday I was reading an article that shows that the unemployment rate for youth in Europe especially for people in Spain, Portugal, Italy and France is way up high and these youth with high education are ultimately finding out that they cannot land jobs in their native countries and are unwilling immigrants to northern areas of the European Continent. And the gut wrenching stories that I read is really sad and alarming that how the highly educated youth are settling for jobs in other countries with language barriers and no network of friends and relatives and get jobs which does not do justice to what they have achieved academically. With masters degree in hand they are working in boutique shops and other places which would make the highly overqualified, but they are only doing it because it is better than to remain unemployed in their native countries. At least the bills are getting paid and the reality has been dawned on these internal migrants if you can call them is that how it feels for them to steal jobs from local by pricing them below market. But the point here is that these are the lost generation who are barely hanging on a thread, educated but unhappily semi employed in strange lands far from their friends and families and as I said it before the rigidities of the labor markets in their native lands have forced them to make harsh choices which they are not happy or were not trained to decide. It will just slow the pace of employment of these youth and they will be the lost generation which will have ever lasting damage to whole nations.