The Voice of Youth

• Author: Christine Lagarde

The Voice of Youth Finance & Development, June 2017, Vol. 54, No. 2

Christine Lagarde

Adapt, adjust, and never stop learning

The old, as Oscar Wilde once remarked, believe everything; the middle-aged suspect everything; the young know everything.

That’s why I appreciate hearing young voices—from students, to budding entrepreneurs, to fresh-faced community leaders. Their stories resonate with me because they are deeply felt, insightful, and inspiring.

Like those of everyone, young people’s concerns vary by region and culture. But there are some questions that I hear nearly everywhere I go: can I find meaningful work that allows me to help my community and support my family? Is there a place for me in my own society? Can I start my own business—and if so, how successful will it be?

There is much hope and excitement in these questions, but they also convey a sense of doubt and trepidation—and for good reason. Unfortunately, young people today are twice as likely to be unemployed as the general population.

In France, for example, youth unemployment is nearly 20 percent, while overall unemployment is about 10 percent, with Brazil and Egypt facing similar problems. Around the world, youth unemployment will reach 71 million this year, according to ILO estimates.

To make matters more complicated, young people who do find work are facing rapid technological disruptions that could eliminate their newfound industries. This transformation leaves everyone—especially young workers—guessing which jobs will still be around a decade from now and how they can train themselves to adapt.

Ready to adaptFortunately, young people have the tools in hand to prepare themselves for the tectonic shift that is underway.

In my conversations, I quickly pick up on the fact that this generation operates on a steep learning curve. Many students now embrace the idea of continuous training and take it as a given that they must add skills throughout their lives.

I have seen firsthand the incredible resourcefulness of millennials as they try to take control of their future. Many are not willing to wait for a job in the civil service or in a large company. They strike out and start their own businesses. They devise new online platforms and discover markets that previously did not exist. What I see is a generation that, if faced with unemployment, innovates to create fresh opportunities.

But this approach alone is not enough. Governments have a responsibility to build an...