Youth unemployment has become the biggest developmental challenge in almost every country in the world in the 21st century. The high unemployment rate of university graduates nowadays is a real worry among students and policy makers. Within the fresh graduates scenario it is dynamic, segmented and critical. Unemployment among youth is twice as high as adult unemployment and unemployment among young females is higher than among their male counterparts.
Despite the anxiety over unemployment and bleak future, many are still trudging the path to pursue a coveted degree, in the hope that they will land a promising job with good pay. Such were they expectation in their life. Simple as it is seemed, many of the graduates are actually without any real planning regarding their life. Unsure of their future direction, many seemed to put their life and future in the hands of fate itself. Should fate is not treating them kindly; they will put the blame on it and complaint about everything around them.
A University is an institution of higher education and research, which grants academic degrees in a variety of subjects. Granted with academic degrees, graduates nowadays whom results are solely based on their academic achievement, had rarely involved in any collegiate activities or equipped with real life working experience. Lack of exposure, experience and skills have critical impact on the marketability of any University students and youths.
The efforts of Every Country Governments to stem the unemployment problem by creating job opportunities, through planned programmes both in the private and public sectors, are ever increasing, however there is still a considerable gap to be closed. Why? At the root of it, is more than simply stemming the issue of unemployment, rather it is about the nurturing of a spirit of innovation, of developing and implementing the infrastructure and framework to do so and believing in the genuine work ethic and enterprise of the youth.
It has become quite clear over the years that without well-developed or potentially available entrepreneurial capabilities, external funds will be wasted on projects that will not provide long term economic growth. While the landscape is changing gradually and some improvements are evident, the present educational system, at a regional level, still does little to stimulate creative thinking and unleash the entrepreneurial spirit of the youth in order to cultivate a new breed of much needed job-creators and income generators, rather than job seekers.
The current very high levels of youth unemployment rate call for a greater focus on economic development, including enhancing the levels of entrepreneurship, ethical cultural and corporate governance; In common with many other transition economies, young entrepreneurs are perceived in a very poor light by society as a whole; The levels of entrepreneurship and corporate governance practice in the country, as illustrated by issues such as the self-employed per capita or the number of SMEs per capital, are low by comparison with other countries.