Recessions cause massive unemployment. According to the World Bank, humanity has experienced 14 global recessions since 1870, the last being the financial crisis of 2007 to 2009. Many fear 2020 is going to be one of the biggest recessions.
According to the US Bureau of Labor Statistics, the unemployment rate, which had surged to 14.7% in April, fell to 10.2% in August, which is still higher than in any year since 1940.
Unemployment worldwide from 1991 to 2019:
Studying the data we clearly see the unemployment rate is very dynamic. Some countries improved their economy and pulled their unemployment rate down. Some countries didn’t do very good. Let us see how did individual countries do in past decades.
From the figure above we can see last two decades more and more countries succeeded controlling their unemployment-rate.
Top 20 and Bottom 20
Left, are the countries that brought their jobless rate down. Right, are countries where the rate rose. Let’s see how one country from each group did over the years.
Highest Rate – 3 countries in 2019
|West Bank and Gaza||10.4%||26.2%|
Lowest Rate – 3 countries in 2019
2020 and Corona Virus
Because of the pandemic and global lock-down people have been experiencing dereistic change in work environment. Most of the people had to work form home even some employers can not continue their business so people are losing their jobs and afraid more might loose their jobs in near future.
Here we can see the change in work hour which might cause some business discontinue.
Current Unemployment-rate in several countries
The change in the rate of Unemployment is obvious. And the worst thing is we can’t predict how long is this going to last.
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