Unemployment Rates Skyrocket Throughout the World, Here are the Countries Most Affected

The global recession as well as rampant inflation have lead to a wide range of issues that could take a very long time to get resolved. In spite of the fact that this is the case, unemployment rates around the world don’t seem to be behaving the way that experts might have expected them to. While some countries have definitely seen unemployment rates spike, others have been safe from their effects.

With all of that having been said and now out of the way, it is important to note that South Africa happens to be the country that has seen the highest levels of unemployment. Unemployment rates in the country soared to 35.6% this year, which means that an economic country for the nation might take longer than might have been the case otherwise.

The country that receives the dubious honor of coming in second on this list is Sudan, with an unemployment rate of around 30.6% with all things having been considered and taken into account. This makes it the only country apart from South Africa to have an unemployment rate that exceeds 30%, since no other country comes all that close to this proportion.

For example, unemployment hovers at around 25% in the West Bank and Gaza. Following this we have Georgia in fourth place with 19.5%, Bosnia and Herzegovina with 17.2%, and Armenia with just over 15%. North Macedonia also has an unemployment rate of approximately 15%, with Costa Rica and the Bahamas seeing 13.2% and 12.7% respectively.

One thing to note here is that this list is comprised almost entirely of developing countries. However, Spain also made it to the list which is concerning because of the fact that this is the sort of thing that could potentially end up revealing that the European Union is not all that safe from such financial and economic woes either.

Despite being a country with a relatively high level of human development, Spain had an unemployment rate of 12.3%. That is nearly as high as that of the Bahamas, and it shows that unemployment is affecting countries regardless of how advanced they happen to be.

On the other end of the spectrum are countries with a really low unemployment rate. The US has done surprisingly well on this front, with its current unemployment rate of 3.4% being one of the lowest that the global superpower has seen in the past 50 years or so.

If we were to take a look at the countries with the lowest unemployment rates of all, Thailand ended up performing the best of all. Its unemployment rate is an unbelievable 1%. Singapore also does extremely well with just a 2.1% unemployment rate. As for the Czech Republic, around 2.3% of its working population currently doesn’t have a job, which also happens to be the number that Vietnam is working with.

Unemployment is ravaging several nations, but there are still some success stories that can be seen. East Asian countries in particular have managed to stave it off for the short term. 2023 will prove to be a huge litmus test for the countries that are struggling to keep their populations gainfully employed.

H/T: Visualcapitalist

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by Zia Muhammad via Digital Information World