Pain of transition to new employment

The unemployment rate for those aged between 16 and 24 rose to 19.6 percent last month, up 1.5 percentage points from February and the highest since August 2022, when the country was fighting the COVID-19 pandemic.

Cyclical, structural and frictional factors are all adding up to push up the youth unemployment rate.

Structural factors include the country's demographic change, economic restructuring and industrial upgrading.