The
article highlights that high unemployment rates can result from various
factors, including economic conditions, technological advancements, and
seasonal fluctuations.
The recession has taken its toll in in many countries where unemployment is rife.
South
Africa (25.50%): South Africa had the highest unemployment rate at over 25%.
The article attributes this high rate to factors such as poor education and training, weak labor demand, and a lack of
entrepreneurial interest. The nation also grappled with significant crime
issues.
Greece
(24.62%): Greece saw a substantial rise in unemployment since 2008, with
youth unemployment soaring to an alarming 49.50%. The article suggests that
Greece's unemployment problem is structural and will require precise
microeconomic policies to address.
Spain
(21.18%): Spain was hit hard by the financial crisis, causing its unemployment
rate to surge to 26.94% in early 2013. The root cause was identified as the
burst of the real estate bubble, triggered by an excessive construction boom
between 2000 and 2009. Youth unemployment in Spain was particularly severe,
standing at 47.70%.
Iraq
(16.00%): Despite the negative impact of the war in Iraq on its economy, the
unemployment rate decreased from its peak of 28.10% in 2003.
Egypt
(12.80%): Egypt, with a GDP growth rate of 4.5% at the time, also had
consistently high unemployment. The 2011 revolution in Egypt had caused
unemployment to rise sharply, and it remained high.
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