10 Most Jobless Countries

By: EW News Desk Team   Date: 5 February 2011

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EW News Desk Team

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EconomyWatch, News Desk Team

 

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05 February 2011

205 million people were unemployed in 2010 (according to a UN Report) and that number is not expected to improve this year – which leaves global economic growth on the back foot.

Europe, Africa and South America’s labour markets are struggling to recover from the 2008 financial crisis – as people under 25 face youth unemployment rates at a record level of 21 percent.

See the Slide Show >>> Ten Most Jobless Countries

Here are the 10 most jobless countries:

1.      South Africa: 25.3 percent unemployment

The problem: Poor education leading to high youth unemployment. Though the government has tried to create more jobs, one in four people in South Africa is unemployed – and jobs created by government programs only last 4-6 days.

2.      Croatia: 18.8 percent unemployment

The problem: The government’s initiatives for job growth have failed – and 141,000 jobs lost in the last 2 years. $13 billion of new infrastructure projects announced by Croatia are expected to combat the problem.

3.      Lithuania: 17.8 percent unemployment

The problem: High corporate taxes and large deficit – in effort to control the credit crisis, Lithuania imposed higher corporate taxes which only lead to more companies shutting down.

4.      Latvia: 14.3 percent unemployment

The problem: Even lower unemployment rates outside the capitol in the Riga region where unemployment can soar up to 22.3 percent. Their government job programs have been troubled and education budgets cut.

5.       Ireland: 13.8 percent unemployment

The problem: Known as the face of EU economic problems, Ireland’s real estate bubble resulted in a banking sector collapse. Unemployment went up by 10 percent and is unlikely to pass due to an exodus of people leaving the country.

6.      Slovakia: 12.5 percent unemployment

 The problem: Up and raising, the unemployment rate in Slovakia is expected to rise until March, when job market reforms are expected to have kicked in. 

7.      Greece: 12.4 percent unemployment 

The problem: 192,000 people have lost their jobs in October 2009 and he economy shrank in 2010 by 4.2 percent with construction, retail and tourism taking the biggest hit.

8.      Poland: 12.3 percent unemployment 

The problem: Youth, women and long-term unemployed struggle to find jobs. The country has not been able to control its unemployment rate since it moved on from communism 20 years ago. 

9.      Colombia: 11.3 percent unemployment

The problem: 2.5 million out of work although financial and natural gas sectors are performing well.

10. Turkey: 11.2 percent unemployment

The problem: Export drops in automotive, linens and textile sectors. Although women’s employment prospects are improving by 0.9 percent (to 28 percent) the year before.

 Read the full report Business Insider.

Ten Most Jobless Countries
View the Slide Show

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