China is also having a big problem. Youth unemployment rate runs as high as 21%, with many college graduates not being able to find work. Worse, some complained that they could not even find gig work like food delivery. This led to the phenomenon called "bai lan" ("let it rot") or "laying flat".
I would think that with the population getting older, there would be more opportunities for the young, but it has not worked out that way. Why?
I have not read of an answer, so venture my own theory as follows. As the population gets older, it consumes less or has less desire to do so. I can look at myself as an example. I cannot find anything exciting to spend money on.
So instead of work designing fancy consumer products or exciting high-tech developments, the youth now have more service-oriented work to deal with the elderlies. Diaper changing, spoon-feeding, bathing and clothe changing work, anybody?
It looks bleak.