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Youth unemployment and economic growth. Portugal

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Introduction

Transfer-Encoding: chunked ´╗┐Student ID: w17005765 Topic. Youth unemployment and economic growth Country: Portugal Committee: International Labour Organisation Conference Youth unemployment represents the part of the population between the ages of 15-24, who are at present unemployed or looking for work, and whom can predict the future of labour force participatory to the economy (OECD, 2016). In the third quarter of 2017, Portugal?s youth unemployment rate was down to 25.7% from an all-time high of 40.7% in 2013; women were affected 4% more than men (Trading Economics, 2017). Labour force participation rate towards the economy is situated at 59.3% of the population while overall unemployment is at 8.5% out of the 10.32 million population in Portugal in the third quarter of 2017 (Trading Economics, 2017). Portugal?s GDP was at $204.5 billion in 2016 [Chart] (World Bank, 2017) showing a slow improvement of 0.2% in GDP in the second quarter of 2017 (Khan, M and Wise, P. 2017) mainly assisted by exports which account for 40% of GDP (OECD, 2017). The public deficit, escalating unemployment, austerity measures aimed to curb recession and excessive debt levels of a fragile banking sector has caused slow economic growth in Portugal (Pritchard, A, E. ...read more.

Middle

Measures taken by Government to curb recession by borrowing money from IMF drove to a higher inflation rate. Also, the government reduced its public spending on education, health, and infrastructure, these actions having a negative impact on its economic growth (Stephan, C. 2016). The inability to provide skilled workers to the market to help with its demand has resulted in a rise in prices for utilities, consumers low confidence in spending and a slowdown in export demand (CEIC, 2017). The Portuguese government has set out changes to employment protection legislation designed to reduce youth unemployment and improve its economic growth by adopting more objective criteria of dismissals of workers and protecting them from dismissal without precise reason (OECD, 2015). Businesses approved the idea of more flexibility regarding employment, offering the employees more flexible working times that can help to balance their working and social life. However, this has been criticized by the General Confederation of the Portuguese Workers (CGTP) that specific laws allow employers to work up to 60 hours per week, and considered a step back in working regulations (Eurofound, 2009). ...read more.

Conclusion

No alternative to austerity? That lie has now been nailed. Retrieved November 17, 2017, from. https://www.theguardian.com/commentisfree/2017/aug/24/austerity-lie-deep-cuts-economy-portugal-socialist Khan, M. and Wise, P. (2017, August 14). Portuguese GDP growth slows to 0.2% in second quarter. Retrieved November 17, 2017, from. https://www.ft.com/content/efa2082d-f308-36b1-ad19-8b7c5846b197 OECD. (2015). OECD Skills strategy, diagnostic report, Portugal. Barriers to stable employment and good quality jobs, p. 78-79. Retrieved November 18, 2017, from. http://www.oecd.org/skills/nationalskillsstrategies/Diagnostic-report-Portugal.pdf OECD. (2016). Youth unemployment rate. Retrieved November 18, 2017, from. https://data.oecd.org/unemp/youth-unemployment-rate.htm OECD. (2017). OECD economic surveys: Portugal. The economy is progressively recovering and rebalancing, p.14, Retrieved November 20, 2017, from. https://www.oecd.org/eco/surveys/Portugal-2017-OECD-economic-survey-overview.pdf Pritchard, A, E. (2014, July 10). Portugal banking crisis sends tremors through Europe. Retrieved November 21, 2017, from. http://www.telegraph.co.uk/finance/financialcrisis/10960563/Portugal-banking-crisis-sends-tremors-through-Europe.html Stephan, C. (2016). Portugal. Weak growth, p 2. Retrieved November 21, 2017, from. http://economicresearch.bnpparibas.com/Views/DisplayPublication.aspx?type=document&IdPdf=29175 Trading Economics. (2017). Portugal labour force participation rate. Retrieved November 22, 2017, from. https://tradingeconomics.com/portugal/labor-force-participation-rate Trading Economics. (2017). Portugal Unemployment Rate. Retrieved November 22, 2017, from. https://tradingeconomics.com/portugal/unemployment-rate Student ID: w17005765 Trading Economics. (2017). Portugal youth unemployment rate. Retrieved November 22, 2017, from. https://tradingeconomics.com/portugal/youth-unemployment-rate UNICEF. (2013). At a glance: Portugal. Statistics. Retrieved November 22, 2017, from. https://www.unicef.org/infobycountry/portugal_statistics.html United Nations. (2015). Sustainable development goals. Portugal: Youth emigration [Motion picture]. Retrieved November 24, 2017, from. http://www.un.org/sustainabledevelopment/blog/2015/01/portugal-youth-emigration/ World Bank. (2017). Portugal [Chart]. GDP (current US$). Retrieved November 24, 2017, from. https://data.worldbank.org/country/portugal ...read more.

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