First published on December 22, 2014 on: popcornews.com
Top 10 Most Unemployed Countries In Europe – The unemployment rate in the United States is not that devastating anymore, reaching a 7.6% rate in March 2013. Unfortunately, we can’t say the same thing about Europe where the recession still maintains an incredibly high unemployment rate. According to official data, the unemployment rate in Spain was somewhere at 26.3% at the end of 2013, while Greece’s rate was even higher than that, exceeding 26.4%.
It looks like the global economic growth is bouncing back, although there’s a lot of disappointment happening in the labor market. In 2010, there were 205 million unemployed people, and experts claim that the number will most likely increase in a few years. The labor markets of South America, Europe and Africa are still struggling to recover from the recession that hit in 2008. When sustained unemployment rates are too high (>10%), it’s extremely hard for a government to handle the situation. Back in 2009, 3.5% of Ireland’s GDP was spent on unemployment benefits; in that same year, the US only spent 0.9% on the exact same benefits. That being said, let’s have a closer look at 10 of the most unemployed countries in the world as of April 2013.
With a GDP per capita of $24,505.04 and a negative GDP growth rate of -6.38%, Greece’s devastating unemployment rate is 26.4%. The country started having problems in 2010, when it began asking for funding from the Eurozone. Many countries jumped in to save Greece, however none was successful. Those who wanted to help the nation started requiring major austerity measures, and this affected the economy even more. The official unemployment rate of 26.4% was established in 2012. 24.3% of Greece’s workforce is unemployed, a lot more than the rate in 2011, which was 17.7%.
Hundreds of thousands of Greeks lost their jobs between 2010 and 2012, and the country’s economy keeps shrinking. Apparently, Greece started selling some of its islands to save the economy. Potential investors are currently viewing the island of Rhodes, which has numerous additional isles that are for sale. China and Russia are just some of the countries interested in buying Greece’s islands, and that’s because in spite of everything, it is still an ideal vacation spot for the summer………..Read More