Unemployment rate among adults and overall unemployment rate which

Unemployment is defined as a
phenomenon that happens while
a person who is actively seeking for a work but not able to acquire
an employment. For the public, unemployment is a measure of condition of the economy of a country or the world.
When a country with high rate
of unemployment, it means that the economy of that country is unhealthy.
Global
Financial Crisis (GFC) of 2007 to 2008 has negatively influenced the global
youth employment rate due to the significant decline in activity across the
economy, the prolonged ensuing
environment, slow recovery of economic and lacklustre growth of job. There is an increment of 1.4% global youth unemployment
rate from 2007 to 2009, achieving an unprecedented high rate of 13.2% in 2013, and decreased to 13.1% in 2016 which is still high. The
global youth unemployment rate is
relatively high compared to the unemployment rate among adults and overall
unemployment rate which is triple higher and more than double higher respectively. There are not less than 70
million youth around
the world are facing difficulty in finding or acquiring meaningful employment. (Annual Report
Bank Negara, 2016) The International Labour Organisation (ILO) claimed that there is an increasing trend of unemployment rate among youth in 2017, particularly in
emerging market economies. Studies
cited by ILO also reveals
that the phenomenon of youth
unemployment in the early
stage could results in critical negative impacts on future in term of employability
and incomes, especially
for youths who were suffered with
unemployment immediately
after graduation from their Higher Educational Institution. This
phenomenon is also occurs
in Malaysia. According to Bank Negara Malaysia, more than 50% of total unemployed
workers attributed to youths in Malaysia.
Notably, about a quarter
of total unemployed Malaysia youths
were universities’
graduates which occupy a comparatively
larger portion of
unemployed Malaysia youth
in 2015. 24% of graduates from High Educational Institution
were still unemployed six month after graduation. Although
Malaysia’s unemployment rate
is considered low if
compared to western countries
like the United States and countries in Europe, but
it is an issue that cannot be
neglected. This is
because tertiary educational graduates
play a vital role as
human workforce and the
innovation creator in
order to achieve productive high-income economy. According to the resources from Peninsular Malaysia about job vacancies in 2012,
it shows that there is a rise
in job vacancies from year to year but only part of these job vacancies are filled by the
workers. (Zaliza and Safarin, 2014) This explains that the reason for unemployment is not because of the
lack of job opportunities instead it is due to several other factors such as High Education
Institution did not take their responsibility well in producing quality
graduates that fulfil with requirements in nowadays job market.