Global Unemployment and it's Causes

 

 

Global Unemployment and it's Causes

What is Unemployment? 

Unemployment refers to the condition of being without a job and actively seeking employment. It is an economic indicator that measures the percentage of the labor force that is currently unemployed and looking for work. Unemployment rates can vary by region and are influenced by various economic factors. High unemployment rates can have significant social and economic impacts on individuals and communities.

Causes of global unemployment include:

Economic Downturns and Recessions:

 During economic downturns, businesses may downsize or close, leading to job losses.

Technological Advancements: 

Automation and artificial intelligence can replace certain jobs, leading to unemployment in affected industries.

Globalization: 

Offshoring and outsourcing can lead to job losses in some regions, while creating jobs in others.

Demographic Changes:

 Population growth can outpace job opportunities, leading to higher unemployment rates, especially among young people.

Education and Skills Mismatch:

 Rapid changes in industries may result in a gap between the skills workers possess and the skills required by employers.

Government Policies:

 Policies related to labor market regulations and taxation can impact employment levels.

Natural Disasters and Political Instability:

 These factors can disrupt economic activities and lead to job losses.