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August 30, 2003

Young, Educated, and Jobless - in Turkey

Okay, if the educated and jobless in the United States want to get really scared, go look at this article by Morgan Stanley's Serhan Cevik, which observes that Turkey is "becoming one of the fastest-growing economies in the world." Real gross domestic product expanded by 8.0% year on year in the first quarter of this year, which implies a seasonally adjusted annualised growth rate of 12.2%

But the Jobless Recovery is Global.

Since 2000, "over 2.5 million jobs have been lost in Turkey, and the output recovery has so far failed to bring new opportunities to the labour market." With 25.6% of those with more than a high school education still unemployed in the second quarter of this year, Turkey’s young educated population is being hit hardest.

Something scary and fundamental may be undermining the labor market globally.

Posted by Nathan at August 30, 2003 01:11 PM