Report charts success of OECD countries in developing potential of younger workers
- Europe continues to dominate as Switzerland, Germany and Austria top the table of most successful countries in 2015, followed by Iceland, Norway and Denmark
- The US moves back into the top 10 for the first time since 2006
- Israel, Luxembourg and Germany have shown the most significant improvement between 2006 and 2015; but Southern European economies such as Spain, Italy and Greece have struggled to recover since the global financial crisis
- If countries could reduce the proportion of their 20-24 year olds not in employment, education or training (NEETs) to German levels, most OECD nations could achieve substantial long-term boosts to their GDP levels, ranging from around 2-3% in the UK, US and France to 7-9% in Spain, Greece, and Turkey.
- The total economic gain across the OECD could be over $1 trillion in the long-term from reducing NEET rates to German levels.
- Methodology: The PwC Young Workers Index is a weighted average of eight indicators, including NEET rates, employment and unemployment rates, relative unemployment rates, part-time employment rates, incidence of long-term unemployment, school drop-out rates and educational participation rates. The age range covered is generally between 15 and 24, but varies as appropriate by indicator.
These indicators are normalised, weighted and aggregated to generate index scores for each country. The index scores are rescaled to values between 0 and 100, with the average value across all 35 OECD countries set, by definition, to 50 in 2006. Index scores were also calculated for 2011, 2014 and 2015 (or the closest years for which internationally comparable data were available).
Further details of the methodology, including the calculation of potential long-term boosts to GDP from lower NEET rates, are contained in the full report.
- A copy of the PwC Young Workers Index will be available from 26 October 2016 at www.pwc.co.uk/youngworkers.
- At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
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John HawksworthPwC Chief EconomistUnited Kingdomjohn.firstname.lastname@example.org+44 20 213 1650
Mike DaviesDirector, Global CommunicationsUnited Kingdommike.email@example.com-+44 7803 974 136
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