Europe isn’t alone in facing the problem of graduate unemployment. The BRIC countries are feeling it too.
The numbers are staggering. In India one in three graduates up to the age of 29 is unemployed, according to a Labour Ministry report released last November. Total unemployment in the country is officially closer to 12%.
In China this month a record 7.26 million will graduate from the country’s universities – more than seven times the number 15 years ago.
Unemployment among new Chines graduates six months after leaving university is officially around 15%.
The real unemployment rate could be closer to 30% – some 2.3 million unemployed from this year’s graduating cohort alone, according to Joseph Cheng, professor of political science at City University of Hong Kong.
Meanwhile, back home in Europe, graduates expect to submit an average of 60 applications before landing their first job. The average wait between graduation and employment is approaching six months. That’s the average.