Millennials Suffer Worst Fallout From Economic Crisis, OECD Says

  • Youth in Spain, Ireland, Greece worst hit by Great Recession
  • Recovery has been to slow to improve prospect, report shows

Young people continue to bear the brunt of job losses since the global financial crisis, according to the Organization for Economic Cooperation and Development.

Almost one in 10 jobs held by workers under 30 in the developed world were destroyed between 2007 and 2014, the Paris-based OECD said in a report published Wednesday. 

“The sweeping job losses in the wake of the 2007-2008 financial crisis hit young people disproportionately hard,” it said. “The recovery has been too weak to significantly improve young people’s prospects in many countries.”

Across the OECD’s 35 member states, employment for 15-29-year-olds fell 8 percent between 2007 and 2015, while overall employment increased slightly. The biggest losses came in Spain, Ireland and Greece, where youth employment was cut in half. In Portugal, Slovenia, Italy and Latvia, between one quarter and one third of all jobs held by young people were eliminated, according to the report.

For a QuickTake explainer on the recession’s lost generation, click here

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