Global unemployment

Although recently it is spoken a lot about the gradual going out of world crisis, the same tendency unfortunately is not observed when it comes to labor market and high levels of unemployment.

At the both years- 2009 and 2010- each year 205 million people worldwide lost their job. If we compare these figures with year 2007, the number has increased by 27,6 million.

Experts claim that the tendency is that unemployment is only going to grow. They have estimated that within one year it will reach 6,1%. Interesting is the fact, that during last 3 years unemployment has rose mainly in developed countries, while in developing ones like Sri Lanka, Uruguay, Brazil it has even decreased. The wealthier is the country the more it has to loose and it is more dependent on global financial situation.

If we compare year 2010 with year 2007, the unemployment among young people has rose by 4,6%. But the good news are that comparing with the last year it has decreased by two million.

Unemployment remains the most acute concern that causes economic and social problems, which are up to date in any country anywhere in the world. There are several reasons why unemployment is considered to be social and economic problems: resource loss, unemployed people in economic difficulties, personal degradation and so on.

Of course small unemployment is considered to be normal situation in the labor market. Someone tries to find a new job, some is still looking for his first one. Since the market is free there also will be both kinds of people- who seek for job and want to find it and those who are not interested. But anyway very high and rapidly growing unemployment is a strong sign of economic recession that needs to be controlled by responsible institutions.

One thought on “Global unemployment

  1. Youth unemployment is a very big problem globally. Governments all over the world need to come together and come up with new initiatives and policies to prevent the problem getting worse. In Ireland we have these kind of schemes already in place such as welfare to work, back to education etc. Unemployment is a huge worry and if we don’t do something to fight it, our economies are going to get a whole lot worse.


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