TSI reveals data on rising employment rate in two decades

In April, the youth unemployment rate in Turkiye fell to 14.5 percent, reaching the lowest level in the last 20 years. In the same period, the workforce participation rate of young people was recorded as 45.7 percent.

According to the information compiled from the Turkish Statistical Institute data, the number of unemployed people decreased by 18 thousand people in April, falling to 3 million 42 thousand people. The unemployment rate in the young population, covering the 15-24 age group, also decreased by 4.1 points compared to April 2023, from 18.6 percent to 14.5 percent. Thus, the youth unemployment rate was at its lowest level since 2005, when monthly data began to be announced.

As of April 2024, the unemployment rate in this age group was estimated to be 12.2 percent for men and 19.1 percent for women.

While the workforce participation rate among young people was 45.7 percent, the number of employed young people was recorded as 4 million 578 thousand.

Suleyman Demirel University Faculty of Economics and Administrative Sciences Head of Economics Department Prof. Dr. Hidayet Gizem Unlu Oren said, "The decline in unemployment rates among the young population continues steadily. The contribution of young people to employment should be increased in order to further strengthen the potential of the Turkish economy," noted.

Oren pointed out that the growth in gross domestic product is also reflected in youth employment and said.

"Turkey has long been categorized among middle-income countries in terms of per capita income. In 2023, the per capita income surpassed the threshold of $11,905 and rose to $13,110, thereby placing Turkey in the group of high-income countries based on per capita income."

Oren emphasized that recently announced data such as unemployment and growth are compatible with the economic program, and said that this increases confidence in the Medium Term Program.

Oren made the following assessment.

"We see that Turkey's recent program to ensure macroeconomic stability and reduce inflation is working successfully as a whole. Turkey continues with determined steps towards its publicly announced goal of achieving sustainable and quality growth while reducing inflation and increasing employment by activating the workforce potential."

Pointing out that the education system should be compatible with the qualifications of the labor market, Oren added that vocational education is important.