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The greatest challenge in fixing the youth-unemployment crisis, however, is simply creating more jobs. Many emerging markets need to eliminate regulatory hurdles to attract more investment and boost job growth. Europe must repair broken labor markets. Outsize protection of full-time workers must be diminished to make it easier for firms to hire and fire.
Governments also need to do more to spur entrepreneurship so more young people start companies. Paolo Barletta, the 25-year-old CEO of Milan-based fashion start-up Don't Cry Baby, had to use his savings to launch his jeans company because no other financing was available. "If a young person wants to start a company, he doesn't get any help," he says.
Making life easier for Barletta and his peers--whether they live in New York City or New Delhi--might be the best solution to the youth-jobs crisis. "I think we're seeing a rise in more entrepreneurial careers," says Lindsey Pollak, a consultant specializing in career trends. "The workers of Generation Y really believe in themselves and their ability to succeed in the future." They'll still need all the help they can get.
FOR MORE, GO TO topics.time.com/unemployment