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STRAIGHT TALK

PHOTO: IMF PHOTO


The Voice of Youth unemployment will reach 71 million this year,
according to ILO estimates.
To make matters more complicated, young
Adapt, adjust, and never stop learning people who do find work are facing rapid techno-
logical disruptions that could eliminate their new-
Christine Lagarde
found industries. This transformation leaves every-
oneespecially young workersguessing which
THE OLD, as Oscar Wilde once remarked, believe jobs will still be around a decade from now and
everything; the middle-aged suspect everything; how they can train themselves to adapt.
the young know everything.
Thats why I appreciate hearing young voices Ready to adapt
from students, to budding entrepreneurs, to fresh- Fortunately, young people have the tools in hand
faced community leaders. Their stories resonate to prepare themselves for the tectonic shift that
with me because they are deeply felt, insightful, is underway.
and inspiring. In my conversations, I quickly pick up on the
Like those of everyone, young peoples concerns fact that this generation operates on a steep learning
vary by region and culture. But there are some curve. Many students now embrace the idea of
questions that I hear nearly everywhere I go: can continuous training and take it as a given that they
I find meaningful work that allows me to help my must add skills throughout their lives.
community and support my family? Is there a place I have seen firsthand the incredible resourceful-
for me in my own society? Can I start my own ness of millennials as they try to take control of
businessand if so, how successful will it be? their future. Many are not willing to wait for a job
There is much hope and excitement in these in the civil service or in a large company. They
questions, but they also convey a sense of doubt strike out and start their own businesses. They
and trepidationand for good reason. Unfortu- devise new online platforms and discover markets
nately, young people today are twice as likely to be that previously did not exist. What I see is a gen-
unemployed as the general population. eration that, if faced with unemployment, innovates
In France, for example, youth unemployment is to create fresh opportunities.
nearly 20 percent, while overall unemployment is But this approach alone is not enough. Gov-
about 10 percent, with Brazil and Egypt facing ernments have a responsibility to build an envi-
similar problems. Around the world, youth ronment that allows young people to fully realize

12 FINANCE & DEVELOPMENT | June 2017


MILLENNIALS AT WORK

their potential. This means breaking down reg- We also need more public-private partnerships
ulatory barriers, supporting entrepreneurs who that can make training programs more effective. A
may not succeed on their first attempt, and invest- good example is Singapores Skills Future program,
ing in mentorship across generations. How can which offers unconditional grants to all adults for
this be done? training throughout their working lives.
But training is only one piece of the puzzle. There
Tailored approach is so much more that governments and business
There is no magic formula that works in all countries, can do to harness the power of innovation. Fintech,
but I see several practical solutions. One is structured for example, is a fascinating field where more invest-
vocational training, which has kept youth unem- ment is needed.
ployment low in countries such as Austria, Germany, Just look at Kenya and the innovative use of mobile-
and the Netherlands. Another solution is giving phone-based money transfer through M-Pesa. The
young women better access to child care centers and government now permits phone-based payment of
flexible maternity benefits. These efforts can rein- taxes, reducing compliance costs and delays.
vigorate labor markets.
Take for example Mali, where the IMF has
emphasized the economic benefits of girls educa- The world cannot afford to waste
tion. Or Mauritius, where we are examining ways
of expanding womens access to finance. so much precious human talent.
In certain countries, a 10 percentage point
decrease in gender inequality could boost growth Some studies estimate that developing and emerg-
by 2 percentage points over the next five years. ing market economies can save $110 billion annu-
At the same time, our member nations need to ally by switching from cash and checks to digital
remove barriers to competition and cut red tape. payments. These savings can make all the difference
These reforms must of course be country spe- when a young person is on the verge of starting a
cificin advanced economies, we estimate that new business.
if research and development were increased by
40 percent, nations could grow GDP by 5 percent A career in the 21st century
in the long term. If I were entering the job market today, I would
All these changes would benefit youth just focus on two things. First, a willingness to learn
embarking on their careers. throughout your life. There is no end to education;
Smart policy choices can liberate young people to there are simply milestones of progress.
work for themselves or start a company. At the same Second, an openness to changing course. You do
time, young entrepreneurs face increased financial not have the luxury of being trained in one field
uncertainty because they can no longer rely on or one profession only. In my life, I started as a
employer-based health insurance or pension plans. lawyer, became a finance minister, and now lead
How can the IMF help? the IMF. The generation about to enter the work-
force will face even more twists and turns on their
IMF work professional journey. Embrace those changes and
Our mission at the IMF is to promote economic bring new perspective gained from each position
stability and growth around the world. And that into the next.
means helping our member countries create better Returning to Wilde, he said, To define is to
employment opportunities for the next generation limit. There is no precise definition of what a career
of workers. or job will look like for the worlds youth in the new
This is particularly important in countries economy. This opacity leads to understandable
where youth unemployment has remained high anxiety and uncertainty. At the same time, there is
over many decades. no limit to the possibilities. This is the great oppor-
The IMF can help address these challenges by tunity for the next generation, and I trust the entire
encouraging greater public investment in education global community will help them seize it.
and job training programsand we are pushing
for such reforms in our lending programs. CHRISTINE LAGARDE is the managing director of the IMF.

June 2017 | FINANCE & DEVELOPMENT 13

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