Since mid-century, the world's labor force--those between the ages of 15 and 65 seeking work--has expanded. Globally, almost half the unemployed people are young (ages 15–24), although they make up only 25 percent of the working-age population, according to the International Labor Organization (ILO).Unfortunately, the number of new jobs has not kept pace with the increasing number of job seekers. according to ILO(the united nations international labour organization)estimates that about one third of the global work force are unemployed or underemployed. If population increases remain on the current trajectory, the global work force will swell from 3 billion to nearly 4.5 billion by 2050. Of these 1.5 billion new job seekers, almost all will live in developing nations, where rapid population growth translates into intense pressure on job markets. Nations are straining to educate and train rapidly growing numbers of young people in marketable skills for the global workplace. But even so, many young people are facing dismal job prospects. Worldwide, the ILO estimates that currently there are 60 million people between the ages of 15 and 24 who are in search of work but cannot find it. East Asia's unemployment rate is the lowest among the world's major regions, at 3.8 percent, while the highest unemployment rates -- nearly double the world average -- are in the Middle East.
Rapid technological developments and globalization have also decreased demand for some kinds of labor. The increasing mechanization of agriculture has reduced labor needs on the farm--where most of the world still derives its food and income--while the flood of cheap food imports as economies liberalize can undermine rural livelihoods altogether.
As capital becomes increasingly mobile, corporations are shifting new investments to developing countries with their large pool of low cost labor. Viewed as a threat to workers in the industrial world, this shifting capital has helped create jobs in developing countries. China has been among the most successful nations in attracting such foreign capital.
Reference
news wire:
http://www.commondreams.org/pressreleases/september99/090299d.htm
PPI Trade Facts: http://www.ppionline.org/ppi_ci.cfm?knlgAreaID=108&subsecID=900003&contentID=254026
CIA
https://www.cia.gov/cia/publications/factbook/index.html