The
article highlights that high unemployment rates can result from various
factors, including economic conditions, technological advancements, and
seasonal fluctuations.
A high unemployment rate is often the result of a slow economy. As economic activity improves, companies require additional workers, and unemployment falls. If unemployment remains high for an extended period, it may become structural, resulting in a myriad of problems.
The recession has taken its toll in in many countries where unemployment is rife.
South
Africa (25.50%): South Africa had the highest unemployment rate at over 25%.
The article attributes this high rate to factors such as poor education and training, weak labor demand, and a lack of
entrepreneurial interest. The nation also grappled with significant crime
issues.
Greece (24.62%): Greece saw a substantial rise in unemployment since 2008, with youth unemployment soaring to an alarming 49.50%. Greece’s lowest unemployment rate since 1998 was 7.30%. Youth unemployment in the country is a staggering 49.50%, far worse than the general rate. Many believe the problem in Greece is structural and will require microeconomic policies to remedy the situation.
The article suggests that
Greece's unemployment problem is structural and will require precise
microeconomic policies to address.
Spain (21.18%): Spain was hit hard by the financial crisis, causing its unemployment rate to surge to 26.94% in early 2013. The root cause was identified as the burst of the real estate bubble, triggered by an excessive construction boom between 2000 and 2009. Youth unemployment in Spain was particularly severe, standing at 47.70%.
Unemployment was down around 8.0% before spiking to 26.94% in early 2013. Unemployment in Spain also jumped in the mid-1980s and mid-1990s. Over the past 40 years, the rate has been under 10% for only a handful of years. The unemployment rate for Spain’s youth is a whopping 47.70%. One reason for the post-2008 rise in the rate is the glut of houses built between 2000 and 2009. In one year, 2006, housing starts in Spain were more than that of Germany, Italy, and France combined. When the real estate bubble burst, the fallout was so severe that unemployment soared. It has yet to return to a normal level.
Iraq
(16.00%): Despite the negative impact of the war in Iraq on its economy, the
unemployment rate decreased from its peak of 28.10% in 2003.
Egypt
(12.80%): Egypt, with a GDP growth rate of 4.5% at the time, also had
consistently high unemployment. The 2011 revolution in Egypt had caused
unemployment to rise sharply, and it remained high.
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