Which countries have the highest unemployment rates?

Gurria 2018.jpg

20 August 2010 – Official portrait of Angel Gurría, Secretary-General of the OECD. Paris, France. Photo: Hervé Cortinat

This article is brought to you thanks to the strategic cooperation of The European Sting with the World Economic Forum.

Author: Johnny Wood

The global financial crisis that began in 2008 shook the world’s economies, but the long-term impact hit some countries harder than others.

First, though, the good news: the Organization for Economic Cooperation and Development’s (OECD) Employment Outlook 2018 shows an overall improvement in labour conditions across its member states, with equally encouraging growth in the average employment rate to 2% above pre-crisis levels.

But, as the chart below shows, a before-and-after look at the unemployment rates of member states reveals dramatic differences from one economy to the next.

Image: OECD Employment Outlook 2018

Jobs boom

The chart shows the proportion of each labour force that is out of work, and Poland has seen the biggest drop, cutting its 2006 figure by almost two-thirds to 4.9% by 2017.

In Germany, the unemployed made up 3.8% of the workforce in 2017, down from over 10% before the crisis began. Other countries such as Hungary and the Czech Republic have also experienced sizeable reductions over the same period.

Percentage of total labour force out of work in 2017
Image: OECD


Not working

Against this encouraging trend Greece has suffered a dramatic spike in unemployment, with the 2017 total climbing to 21.7% of the working population, more than double the 2006 figure. Large increases in unemployment and an underutilized workforce were accompanied by falling output, very high debt, a serious GDP deficit and deflation (-2.5% by December 2014).

Similarly, Spain has seen a jump in unemployment over the past decade, due partly to structural problems in its labour and education sectors (Spain has the one of the highest dropout rates in Europe at both high school and tertiary level). The country’s jobless total for 2017 reached 17.3% of the labour force, more than double the pre-crisis figure.

Lack of wage growth

Along with its impact on employment levels, the financial crisis caused a reduction in wage growth in a lot of countries, leading to a drop in living standards for many. The proportion of working-age people earning the “low-income” rate jumped to 10.6%, up from 9.56% a decade earlier.

Although Korea, Mexico and Chile have seen a decrease in the number of low-income households, most of the countries hit hardest by the euro crisis, such as Greece, Italy, Spain and Slovenia, have suffered a 2% rise.

Advertising

Advertising

Advertising

Advertising

Advertising

the sting Milestone

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Low productivity jobs continue to drive employment growth

Pakistan: UN strongly condemns terrorist attack that leaves scores dead and wounded at election rally

CEOs in these countries are more likely to go with their gut

Russia and the West use the same tactics to dismember Ukraine

Everything you need to know about water

Good grub: why we might be eating insects soon

‘Complacency’ a factor in stagnating global vaccination rates, warn UN health chiefs

A Sting Exclusive: EU Commission’s Vice President Šefčovič accentuates the importance of innovation to EU’s Energy Union

Manufacturers Get Smarter for Industry 4.0

Dare to be vulnerable, and three other lessons in leadership

‘Favour dialogue’ over violence, UN chief urges all parties following clashes in Mali’s capital

The quality of health education around the globe

Global immunization is having its annual check-up. What can we learn?

Ebola in DR Congo: New transmission chain risks reversing major gains

A Trumpist squad shook Davos and the world

Yemen conflict: ‘Fragile’ hopes rise, as violence decreases and life-saving humanitarian funding surges

Somalis ‘will not be deterred’ by Friday’s terror attacks – UN chief

How powering food storage could end hunger

What will the US look like under Trump? Was his election campaign a big scam?

Technophobe or technophile? We need more conversation about digital transformation

Services are the hidden side of the US-China trade war

Health should be central to the conversation around climate change

A brief history of cryptography and why it matters

Secure 5G networks: Commission endorses EU toolbox and sets out next steps

Eurozone: Negative statistics bring deflation and recession closer

“A Junior Enterprise is run only by students.. there are no professors or managers that can help you solve your problems”

Sustainable Development Goals: making the world a better place

G7 summit: Trump Vs. G6 leaders on trade and climate change

‘Address root causes’ of instability in Mali through ‘aid and support’ urges UN chief

Joint UN, OSCE engagement can address crisis in Ukraine, other ‘dark spots of conflict’ in Europe

A 550 km-long mass of rotting seaweed is heading for Mexico’s pristine beaches

This is the IMF’s latest take on the economy in 2020

How the digital finance revolution can drive sustainable development

UN agency ramps up effort to counter growing nuclear threat from cyberspace

The EU pretends not knowing what happens in the Western Balkans

What cybersecurity professionals can learn from triathletes

A Sting Exclusive: “The Digital Economy and Industry are no longer opposing terms”, Commissioner Oettinger underlines live from European Business Summit 2015

UN General Assembly President defends ‘landmark’ migration compact

Catalysing change for gender equality, co-authored by two United Nations Under-Secretary Generals

‘Collective amnesia’ over causes of global financial crash – human rights expert

We lack a global framework for saving our environment. Here’s how we change that

Eliminating hepatitis calls for ‘bold political leadership, with investments to match,’ UN health chief says

How Hawaii plans to be the first US state to run entirely on clean energy

Innovation for a smarter world: ITU Telecom World 2018

Two-thirds of global drug deaths now from opioids: UN drugs report

The sustainable fashion revolution is well underway. These 5 trends prove it

EU-UK future relations: “level playing field” crucial to ensure fair competition

3 charts that show how attitudes to climate science vary around the world

Why cyber-risk should take centre stage in financial services

Nuclear testing has ‘disastrous consequences’ for people and planet, General Assembly told

UN condemns ‘cowardly’ attack on Libya’s national oil corporation headquarters

Inflation down to 0.7%, unemployment up at 12.2%: Bad omens for Eurozone

A Sting Exclusive: “Regulators and the shipping industry collaborating for a sustainable future”, written by the Secretary General of IMO

End ‘political opportunism’ that’s letting hate speech flourish, urges top UN genocide official

The JADE Spring Conference 2017 is casting its shadows before

Drastic deterioration in security across Burkina Faso as 70,000 flee their homes in past two months, UN warns

Trade/Human Rights: Commission decides to partially withdraw Cambodia’s preferential access to the EU market

An EU first: youth Ministers debate youth participation in live broadcast

Cybersecurity: agreement reached on better protection for citizens and companies

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s