Amaechi Okwuosa Profiles the Eurozone Economic Crisis
London, UK -- (SBWire) -- 11/22/2013 --Recent figures provided by Eurostat show further turmoil in the European economic zone as inflation rates across the Eurozone fell to 0.7% - its lowest rate since February 2010. Amaechi Okwuosa dailymotion video viewers know that this steady fall in interest rates has been partly blamed on a recent fall in energy costs, and when partnered with unemployment rates hitting an all-time high within the Euro block, the continued economic problems facing people within the European Union has proved especially troublesome for young adults. Anguish
Being the most affected socioeconomic group within the Eurozone, youths aged between 15 and 25 have been hit hard across the board, especially in countries worst-affected by the worldwide banking crisis such as Spain and Greece. Likely to be welcomed by Amaechi Okwuosa about me page readers, the leaders in Europe have made youth unemployment a key priority when tackling their own countries debts and financial shortfalls. Furthermore, when the youth unemployment rate of Europe’s largest economy – Germany - drops to 5.2% even when its economy is the strongest in Europe, the problems faced by countries struggling financially stand out.
The next largest economy in the Eurozone – France - also saw a slight rise in unemployment figures, which continues a steady course of worry within the country. Europe’s third largest economy – Italy - also saw a steady rise in unemployment figures over the past quarter and with continued doubt about the country’s plans to tackle their deficit. The smaller, struggling economies such as Portugal and Greece are preparing for an even higher rise in unemployment as we head into the Christmas period, providing tough reading for many.
With queues for job vacancies growing ever longer, many young people in the European economic zone are becoming wary of a job market that is often leading to nothing but dead ends. According to projections by the United Nations’ International Labour Organisation (ILO) the prospects for young people will continue to worsen through to 2018. An internal view of the market aims to look ahead at these forecasts and with figures estimating that there is a global unemployment rate among young people standing at 12.6%; which equates to over 73 million people. An ILO spokesman Theodore Sparreboom comments: “It is not a good time for a young person to be looking for a job”.
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With figures for the developed nations including the European Union, charitable organisations and professionals such as Amaechi Okwuosa general overseer may fear that with the unemployment rates for young people now stand at 17.9% there may be more hidden problems down the road. This high figure – which has been rising year on year since 2008, has now shown to be half of the story when it comes to future prospects. With employment looking to pick up around 2018 if the majority of debt has been paid off within the European economic zone with countries ready to invest large amounts of money; that is if the current debt mountain can and will be paid off on time.
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