The unemployment rate is often a measure of economic well-being, but a closer look at unemployment in different countries can help you understand which countries are more vulnerable to a global economic crisis.
In the United States, for example, the unemployment rate for the working age population has declined since 2010, but the unemployment rates of people in their late 20s and 30s have risen sharply.
In Canada, the youth unemployment rate fell by nearly 20 per cent in the past five years.
In Japan, the number of unemployed people has increased, but that rate has decreased from an average of 16 per cent of the working-age population in 2010 to 15 per cent now.
While these rates are similar, the differences in the two countries are stark.
Here are the five countries with the highest unemployment rates, and which of those countries are vulnerable to the worst economic downturn since the Great Recession.
Australia: 6.3 per cent unemployment rate (May 2020) The unemployment rates for the age group of 20-24 year olds have increased by about 20 per and 30 per cent, respectively.
The Australian unemployment rate of 6.4 per cent is higher than the US rate of 5.7 per cent.
The difference is due to an increase in youth unemployment from 5.9 per cent to 6.2 per cent over the same period.
This is the second highest unemployment rate in the OECD after France.
Canada: 7.4% unemployment rate Australia has seen a gradual decrease in youth employment in recent years, but this has slowed in the last two years.
The rate has dropped from 4.9 to 4.6 per cent since 2010.
This decline has come primarily from the youth of Canadian youth who have dropped out of the labour force.
The youth unemployment in Canada has dropped by 16.7 million since 2010 and by 19.4 million since 2007.
While youth unemployment is the worst in the world, Canada is not the only country where the youth rate is increasing.
The UK saw a youth unemployment of 5 per cent from 2006 to 2016, while Japan’s youth unemployment has risen by 5.6 percentage points since 2010 to 16.2 million.
The United States: 8.3% unemployment age group (June 2020) Australia’s youth age group is currently the highest in the industrialized world, but it is not yet the worst.
According to a recent survey, in 2018, there were 16.9 million people aged 18-24 in Australia, which was up from 15.4 in 2020.
However, this group is expected to grow to 17.4m by 2021, according to the report.
Australia’s unemployment rate rose from 6.5 per cent on average in 2020 to 7.2 percent in 2020, but was lower than the unemployment of the U.S. in 2021.
Japan: 8 per cent (May 2021) Japan’s unemployment is currently lower than that of Australia and the U, but still higher than many other countries in the Organisation for Economic Co-operation and Development (OECD).
The country’s unemployment rates are higher than those in some other countries like the United Kingdom, Italy and Germany.
The unemployment of Japan’s working-aged population rose by 2.9 percentage points in the same time period.
However a fall of 1.3 percentage points was offset by a rise in the number who are in the labour market.
The young unemployment rate also rose, but fell by a little over a percentage point.
The report says that these results indicate that the youth population is growing, which will help to mitigate the impact of the ageing population.
United Kingdom: 7 per cent