This document discusses the challenges and opportunities for youth employment, particularly for female youth, in the context of the current global economic downturn. It notes that a "youth bulge" is imminent in 71 developing countries, where 90% of the world's youth population resides. The downturn raises challenges around protecting investments in human capital and advancing opportunities for female youth. A life cycle approach is presented to analyze risks and opportunities faced by female youth at different ages, and policies are proposed to address immediate and medium-term needs through education, health, social protection, and labor programs.