One region that has been hit particularly hard by this problem is Europe — both in its developed economies and its emerging ones.
In a recent note to clients, Bank of America Merrill Lynch’s Michael Hartnett and Brian Leung shared a chart showing the youth unemployment rates across EU countries.
Overall, the EU youth unemployment rate is about 20%. However, the countries with the highest rates — namely, Greece, Spain, Croatia, and Italy — are all in the stunningly high 40-50% zone. These numbers are among the highest in the world.
Meanwhile, the countries with relatively low youth unemployment rates, including Denmark, the Czech Republic, and the Netherlands, are around 10%. Germany’s is around 7%.
Check out the full chart below. Note that some of the figures are from last year, given that not all countries publish official monthly data.