The World Would Be $1.1 Trillion Richer If It Treated Its Young People Like Germany

Quartz: “Just 10% of people aged 20-24 are out of work or not in school in Germany. As befits Germany’s reputation for efficiency and industrial success, this is one of the lowest levels in the world. If all 35 OECD countries reduced youth unemployment to German levels, the economic gain would be $1.1 trillion, according to a study by PricewaterhouseCoopers.”

“Why do countries like Germany and Switzerland perform so much better? Their governments run “dual educational systems” that incorporate vocational training into formal education to better prepare young people for jobs–businesses also actively target young people. In Germany a Vocational Training Act has provided 500,000 company-based training contracts a year. Finally, Germany and Switzerland recruit people from a wider variety of economic backgrounds by reducing informal hiring and the use of qualifications as a filter in the recruitment process.”

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