Unemployment is always a big issue in the developed world. It’s a barometer by which many leaders are measured, not to mention the prosperity of a country. At the time of writing, unemployment is about 4% in the United States, which is slightly down when compared to some previous years and to highs that we experienced from 2008 to 2010.
This is still a big number and means that millions are struggling financially. It’s an issue that leads to great strife, as outlined by this EDD lawyer in Orange County, CA, but when compared to other countries, this figure begins to look insignificant.
The Highest Unemployment in the World
Burkina Faso has some of the highest unemployment in the world, with 2017 figures putting it at 77% and 2018/2019 figures showing no signs of dropping. This means that over three-quarters of the country are out of work.
This landlocked African country has undergone some serious troubles in the last decade or so and while there is hope on the horizon, it’s taking a long time for them to reach stability. Exports have fallen significantly, agriculture has plummeted, and the mining industry is one of the few things keeping it afloat and ensuring that some citizens are kept in employment.
War and government instability is a key factor in countries with high unemployment rates, which is why Syria is also high on this list, with around half of its population out of work. Haiti, which is still reeling from serious storms in 2004, 2008 and 2010 (which left massive damage to infrastructure while helping to spread diseases like cholera) is also struggling in this area with an unemployment rate as high as 40%.
The majority of countries with the worst unemployment rates are in Africa or Central America, with the Marshall Islands being one of the few exceptions. This Pacific island has very few exports or thriving industries and is forced to import most of what it needs, but in 2018 it became the first country to issue its own cryptocurrency as legal tender, and it has also experienced some growth, suggesting that the unemployment rate of around 30% is set to decline.
The Highest Unemployment in the Developed World
If you focus on developed nations then South Africa has the highest unemployment rate at around 20% to 25%. Greece also has a very high unemployment rate, which comes as no surprise when you consider how many issues the country has had in recent years. Spain also has a surprisingly high unemployment rate, climbing as high as 26.94% in 2013.
The rate of unemployment in Spain has dropped a little since then, but what’s perhaps more worrying is that they have one of the highest youth unemployment rates, with nearly half of all employment-age youngsters out of work.