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OTTAWA — The loss of tens of thousands of youth jobs during the recession was not only painful for the young people involved but will impact them and Canada’s economy for years to come, says a new paper from TD Bank.

Being unemployed at a young age can have a long-lasting impact on an individual’s career prospects

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The report estimates that the legacy of unemployment for the young lasts up to two decades after the event and the hit to Canada’s gross domestic product will be about 1.3% — or about $23-billion — in 18 years.

That’s fairly modest given the timeline, but the same can’t be said of some European countries that have seen unemployment among young people rise to above 50% in the aftermath of the 2008-09 financial crisis.

For Ireland, the economy could suffer a GDP drain of about 12% over the next two decades, the paper calculates, followed by Spain, Greece and Portugal among the hardest-hit European countries.