5 countries where young people can not find a job

In May 2012, unemployment in the European Union reached a record level. According to Eurostat, the unemployment rate in 17 EU countries is 11.1%, compared with 10% a year earlier.

Currently, in Europe recorded a quarter million unemployed more than it was a year earlier. During this period, the unemployment rate in European countries for the generation younger than 25 jumped from 20.5% to an incredible 22.6%. But the US youth unemployment rate fell from 17.2% to 16.1%.

Despite the positive trends in this issue in the US, the deterioration of the situation with unemployed young people in Europe, indicates the seriousness of the problems facing many of the largest economies of the Old World.

The Internet edition of 24/7 Wall Street reviewed 29 countries included in the Eurostat report (most of which are in Europe, but also there are US and Japan), and identified the 10 countries with the highest unemployment rate among those to whom 16 up to 25 years.

With a few exceptions, most of these countries have suffered the most from the crisis. These are the so-called PIIGS countries: Portugal, Ireland, Italy, Greece and Spain. The rest of the countries are also struggling with crisis trends.

Spain

• Unemployment rate among youth: 52.1%
• The overall unemployment rate: 24.6%
• GDP in 2010: $ 1.4 trillion.
• GDP growth in 2010: -0.14%
• Moody's credit rating: Baa3

Since 2010, Spain has maintained a high overall unemployment rate among all countries where the study was conducted. In May 2012, the youth unemployment rate in the country caught up with the unemployment rate in Greece and became the highest in the survey.

The latest figures show a growing weakening of the economy in Spain. On June 13, the rating agency Moody's lowered the Spanish national debt from A3 to Baa3 and placed it for consideration for future downgrade.

All this affects the situation of young people, whose representatives, despite a good education, do not work anywhere and are forced to live with their parents longer than ever.

Greece

• Unemployment rate among youth: 52.1% (March 2012)
• The overall unemployment rate: 21.9% (March 2012)
• GDP in 2010: $ 301 billion
• GDP growth in 2010: -3.52%
• Moody's credit rating: C

As the debt crisis in Europe unfolded, it became clear that Greece was the most troubled country.

The total unemployment rate in the country increased from 7.7% in 2008 to 21.9% in March 2012. Since December 2009, Moody's downgraded Greece's sovereign credit rating seven times, from A1 to C.

In 2009, central government debt reached 141.97% of GDP, while GDP fell by 3.25% - and then again fell 3.52% in 2010.

At the same time, a young labor force was seriously affected, 52.1% of whom were unemployed as of March. In the June elections in Greece, the majority of young voters voted for SYRIZA, the left-wing party, which promises to cope with youth unemployment.

Croatia

• Unemployment rate among youth: 41.6%
• The overall unemployment rate is 15.8%
• GDP in 2010: $ 608.5 billion
• GDP growth in 2010: -1.19%
• Moody's credit rating: Baa3

Given that the unemployment rate has grown significantly after the financial crisis, it has been an especially difficult time for Croatian youth.

Since 2008, the youth unemployment rate in Croatia has almost doubled from 21.9% in 2008 to 41.6% in May 2012. The GDP of the former Yugoslavian country fell by 5.99% in 2009 and by 1.19% in 2010, and the problems did not dare.

At the end of 2011, the World Bank announced that Croatia is likely to resume recession, as the first signs of economic contraction appear. This is likely to exacerbate unemployment problems for the general population and young Croats, in particular.

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Slovakia

• The youth unemployment rate is 38.8%
• The overall unemployment rate is 13.6%
• GDP in 2010: $ 872 million
• GDP growth in 2010: 4.24%
• Moody's credit rating: A2

In recent years, Slovakia has recorded one of the highest unemployment rates in the entire European Union.

Nevertheless, as in many other European countries, the unemployment rate in Slovakia has increased dramatically in recent years, reaching 14.5% in 2010 after the financial crisis.

Although the overall unemployment rate declined shortly thereafter, the youth unemployment rate continues to grow.

In April, the unemployment rate among young people jumped to 39.7% from 34.5% a month earlier.

The new Prime Minister of Slovakia Robert Fico decided to start building social housing and subsidies in order to reduce youth unemployment.

Portugal

• Unemployment rate among youth: 36.4%
• The overall unemployment rate is 15.2%
• GDP in 2010: $ 228.57 billion
• GDP growth in 2010: 1.38%
• Moody's credit rating: Ba3

The unemployment rate in Portugal rose from 14.7% in January to 15.2% in May 2012.

This trend is further exacerbated among Portuguese youth. In 2000, the youth unemployment rate in Portugal was only 10.5%, but it was constantly growing. This year, the unemployment rate among young people for the month often exceeded 35%.

Portugal has become one of the most troubled areas of the European debt crisis, its credit rating from Moody 's has dropped fivefold in the past three years.

In order to combat rising unemployment among young people, the Government of Portugal promised to reimburse companies for up to 90% of social security contributions for workers aged 16 to 30 if they had previously been unemployed for more than four months.