According to Matei, the higher the number of newly-established companies, the higher the number of employees and the more youngsters become entrepreneurs, the lower the jobless rate.
She said that 88% of entrepreneurs having experienced businesspeople as mentors make it in the world of business, adding that financing and mentorship go hand in hand.
Bureaucracy must also be reduced because youths willing to start up a business need a simpler and friendlier environment in terms of regulations and taxation system. More than 53% of entrepreneurs polled by EY believe that simplifying procedures is vital in supporting entrepreneurial efforts, according to Matei.
The International Labor Organization estimates the global jobless rate among youths aged 15 to 24, which is on a rising trend, will reach 12.6% (73.4 million youngsters) in 2013, close to the level of 12.7% registered in 2009. The jobless rate among youths is estimated to reach 12.8% by 2018, while the ratio of youth to adult unemployment will maintain at 2.7, a level registered over the past years.
Developed countries and the European Union are the most affected, as well as the Middle East and North Africa. Youth unemployment in these regions has been on the rise since 2008, whereas in developed countries and the EU, youth unemployment rate increased even by 24.9% between 2008 and 2012.
In Romania, EY has been a leader on the professional services market since its set up in 1992. The company employs over 450 people in Romania and Moldova who provide seamless assurance, tax, transactions and advisory services to clients ranging from multinationals to local companies.