Countries with the highest unemployment rate: Unemployment is a serious problem that impacts people, families, and whole economies. Unemployment may cause social and economic instability, as well as slowed economic development and productivity. Many nations across the globe deal with high unemployment rates, and certain countries have extremely high rates. Economic circumstances, labor market restrictions, skill mismatches, and other variables may all contribute to high unemployment rates, which vary by nation. Understanding the causes and repercussions of excessive unemployment is vital for governments and people attempting to solve this serious problem. Let’s look at some of the major Countries With very high unemployment rate in the world.
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Countries with the highest unemployment rate 2023
1. South Africa 32.90: According to a Trading Economics analysis, South Africa’s unemployment rate fell to 32.7% in the fourth quarter of 2022, the lowest since the first quarter of 2021, from 32.9% the previous quarter. Unemployment climbed by 28 thousand to 7.753 million, employment increased by 169 thousand to 15.934 million, and the labor force expanded by 197 thousand to 23.688 million.
Finance (+103 thousand), private homes (+54 thousand), commerce (+52 thousand), and transportation (+43 thousand) had the most employment growth, while community and social services (-122 thousand), construction, and agriculture (-12 thousand each) saw the most job losses. The fourth-quarter extended definition of unemployment, which includes individuals discouraged from looking for work, was 42.6%, down from 43.1% in the third quarter. Meanwhile, the youth unemployment rate, which measures job searchers aged 15 to 24, increased to 61% in the fourth quarter of 2022, up from a two-year low of 59.6% in the previous period.
2. Herzegovina and Bosnia 29.91: The economic tragedy of BOSNIA AND HERZEGOVINA has been declining. In recent years, the effect has been quite concerning. According to the International Labor Organization, despite a steady rise of Bosnia and Herzegovina’s economy in recent years, job creation has lagged, and the country continues to have one of the most difficult labor market circumstances in the area. Employment rates remain low (40% for those aged 15 to 64 in 2020).
Despite a recent declining trend, unemployment remains substantial (16% in Q3 2021), particularly among young people (23% in 2020). The proportion of youngsters who are not in employment, education, or training (NEET) is also significant (22% in 2020). The nation has one of the lowest female labor-force participation rates in the Balkans (37% in the third quarter of 2021, age 15-64). The informal sector accounts for a significant proportion of overall employment (30%). The nation will stay mired in a web of high unemployment until 2023.
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3. Palestine 24.00: Due to a mix of circumstances, including political instability, a lack of resources, and restricted access to international markets, Palestine has one of the worst unemployment rates in the world. The prolonged Israeli-Palestinian conflict has had a substantial influence on the Palestinian economy.
Movement restrictions, land expropriation, and settlement development in the West Bank have made it difficult for Palestinians to expand their economy and access foreign markets. Furthermore, Palestine lacks natural resources like oil and gas, which are important sources of revenue for many other nations. As a result, the country’s potential to expand industries and generate employment is limited. Furthermore, since the Palestinian economy is primarily reliant on foreign assistance, it is sensitive to swings in donor support. The COVID-19 epidemic has aggravated the Palestinian economy, resulting in a significant increase in unemployment.
4. Jordan 22.80: According to Jordan’s Department of Statistics, the unemployment rate fell to 22.9 percent in the fourth quarter of 2022, from 23.1 percent the previous quarter. Men’s unemployment grew marginally (20.6 percent from 20.5 percent in Q3), but women’s unemployment fell to 31.7 percent (from 33.1 percent).
The number of jobless fell by 5,000 to 237.3 thousand, while the number of employed rose by 11.9 thousand to 795.6 thousand. The crisis has continued, and despite the government’s apparent attempts to rescue the situation via economic diversification, Jordan remains one of the world’s nations with the highest unemployment rate.
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5. Montenegro 19.90: The nation has been labeled as having one of the world’s highest jobless rates. According to studies from the World Economic Forum, the nation has seen significant declines in economic production and a significant increase in the percentage of unemployment, particularly among young people.
There are various elements that contribute to Montenegro’s unemployment. One of the primary reasons is the country’s poor economic development, which has resulted in fewer work prospects. Montenegro is a tiny nation with a limited labor market, and many young people depart to pursue better prospects elsewhere. Another factor leading to unemployment in Montenegro is a mismatch between labour skills and company demands. This is due in part to the school system, which does not always offer the essential skills and training for the employment market.
6. Rwanda 16.50: Despite tremendous gains in economic growth and development in recent years, Rwanda continues to experience high levels of unemployment. According to the World Bank, Rwanda’s unemployment rate in 2020 will be 15.8%, which is quite high when compared to other nations in the area and internationally. One of the primary causes of Rwanda’s high unemployment is the country’s fast population expansion, which has outpaced job generation chances.
Rwanda’s population is expanding at a pace of roughly 2.5% per year, putting pressure on the labor market to provide enough jobs to fulfill the requirements of the growing population. Another problem is a mismatch in skills between the labor force and the demands of companies. Many Rwandan firms have difficulty finding competent people to fill open positions, while job seekers struggle to locate employment that fit their credentials and abilities. This is due in part to a mismatch between the education and training supplied by the educational system and the job market’s demands.
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7. Tunisia 16.10: Despite the COVID-19 epidemic, which had a big influence on employment in Tunisia, the nation has been battling high levels of unemployment for some years, with the World Bank estimating an official jobless rate of 16.2% in 2020.
As a result, Tunisia has one of the highest jobless rates in the world. One of the primary causes of unemployment in Tunisia is the country’s slow economic development, which has not kept up with the country’s expanding population. Tunisia has had poor economic development in recent years, owing in part to political insecurity and social turmoil after the 2011 revolution.
8. North Macedonia 14.80: Despite the Government’s frantic attempts to return the country’s economy to normality, tackling the problem of unemployment in North Macedonia has remained a serious difficulty. North Macedonia is a nation in Europe’s Balkans area that has long suffered with high levels of unemployment.
According to the World Bank, the official unemployment rate in North Macedonia in 2020 was 17.6%. One of the primary causes of high unemployment in North Macedonia is the country’s poor economic development, which has not kept pace with population increase. In recent years, the nation has suffered with weak economic development, owing in part to political insecurity, corruption, and a lack of foreign investment. These are difficult times for the nation, which has one of the worst jobless rates in the world.
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9. Armenia 14.80: According to the World Bank, the official unemployment rate in Armenia, a tiny nation in Eurasia’s Caucasus region, was 18.2% in 2020. The worldwide epidemic has harmed the country’s economy and growth trajectory.
In Armenia, tackling the problem of unemployment remains a big difficulty. The Armenian government has launched a number of policies and measures aimed at tackling the problem of unemployment, such as encouraging private sector investment, increasing education, and assisting small and medium-sized businesses.
10. Spain 12.48: Following the recent Statistics of the country’s unemployment rate, which had taken a dramatic rise, the Spanish government has adopted a number of programs and initiatives targeted at resolving the problem of unemployment.
The Spanish economy had been in good shape until it was hit by the Covid 19 epidemic, which sent several global economies into a tailspin. Although the problem is being addressed and substantial changes are being felt in various areas, such as tourism, the official unemployment rate in Spain in 2020 was 15.5%, according to the World Bank, indicating a considerable decrease of roughly 2.7% in recent time. Despite the improvements, Spain remains one of the world’s nations with the highest unemployment rate.
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To summarise, high unemployment rates continues to be a chronic concern in many nations throughout the globe. To address this problem, a holistic strategy is required, combining policies and programs targeted at stimulating economic development, enhancing education and training, and assisting small and medium-sized businesses. Aside from the nations stated above, which are not complete, there are also additional countries scoring high on the list, such as Nigeria at over 33%.
Edeh Samuel Chukwuemeka ACMC, is a Law Student and a Certified Mediator/Conciliator in Nigeria. He is also a Developer with knowledge in HTML, CSS, JS, PHP and React Native. Samuel is bent on changing the legal profession by building Web and Mobile Apps that will make legal research a lot easier.