By Leslie Koh

FORGET social inequality, crime and violence. The world's biggest fear now is failing to get a job - or losing one.

A recent survey of 22 countries revealed that fears of unemployment have become the No. 1 concern as the global financial crisis hits home, surpassing the usual worries, even poverty.

Not surprising, when you see the disheartening numbers: Global unemployment expected to rise by 25 million over the next two years; estimated total number of jobless people around the world at the end of this year - 210 million.

For the fresh graduate, the young school-leaver and the ambitious yuppie with dreams, 2009 will be tough.

At the supply end, company closures, hiring freezes and a shrinking business scene mean fewer employment opportunities - never mind the dream job.

Private employers in the United States, for instance, shed nearly 700,000 jobs last month alone.

At the other end, demand is picking up rapidly.

Schools and varsities are churning out an ever-growing number of new degree and diploma holders, all yearning to put their newly acquired education to use. In China alone, six million graduates will enter the job market this year.

But they are in for stiff competition.

From the millions of skilled and experienced workers who have been laid off.

From the older workers who have pushed back retirement after discovering that their savings have shrunk.

From the long-term unemployed who have decided to return to the workforce, having seen their home values falling.

What it all means for the young job seekers: A longer wait for jobs, more rejections, and lower starting pay.

The resulting frustration is not something they alone will bear.

The plight of the young and the jobless is also a burden for governments, and not just because of the economic troubles the young will face.

In many countries, these frustrations are threatening to boil over into anger and resentment against governments, which they blame for their situation.

Already Greece has seen student riots, a phenomenon that has concerns the rest of Europe. The Chinese government, too, is well aware of anti-government sentiments that an economic crisis can inflame, especially in student activists. The year 2009, after all, marks the 20th anniversary of the student-led Tiananmen Square protests.

The young jobless have thus become a significant concern for governments worldwide.

Besides organising the usual job fairs to match employers and job seekers and getting the civil service - traditionally the biggest employers in most nations - to hire more, some administrations have come up with innovative ways to help the young and jobless.

They range from soft loans to encourage them to go into business, to college fee refunds for those who seek employment in rural areas.

Their efficacy, however, will ultimately be limited by the economic growth that countries can manage in this time of crisis. For many of the young and jobless, the road to employment - and the dream job - may still be a long, rocky one.

This article was first published in The Straits Times on Jan 10, 2008.