According to new data from Gallup researchers:
The scarcity of good jobs has been one of the most troubling aspects of the economic crisis facing southern Europe, particularly for younger people with little job experience. In 2013, nearly half of 15- to 29-year-olds in six southern European countries are underemployed — meaning they are either unemployed or working part time but wanting full-time work.
The GDP growth rates in the nations with the highest unemployment — Greece, Spain, Italy and Portugal — have been flat to down in most quarters over the past five years. Even for some of the nations that have staged extremely modest recoveries, their young people will reach their best earnings years two decades from now. Some of the 15- to 29-year-olds will have substandard wages for life, having never recovered from their years of unemployment. Some may never find full-time work at all. Each of these four countries faces another battle for GDP growth between 2035 and 2050. That may seem like a long way off, but since parts of Europe may not recover from its extremely deep recession until the end of this decade, any years of prosperity will be short lived, at least among the region’s weakest economies.
Many nations, including the United States, have to handle the challenge of the economic effects of high unemployment among the young people who can work. However, the challenge in southern Europe is so colossal and GDPs there so badly crippled that probably there is no solution at all.
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