A Look at Global Unemployment
This article from the International Business Times discusses the possibly of global unemployment rising until 2017! I believe it is important to consider global unemployment because through globalization and trade, economic trends are connected throughout the world. The United Nations labor agency came out with this projection as an update for the world's youth. The article goes on to present various unemployment statistics throughout the world since the 2008/2009 financial crisis.
The article also highlights the chart shown below. Check it out and comment on what the next few years look like. Are you worried about these projections? Where do you think the global economy is heading in the next few years? Where are we in the business cycle right now? It this cyclical or structural unemployment?
Sad article to read; I did not know unemployment was getting worse and I thought we passed that stage of "record high unemployment." An additional reason why this makes me sad is the point of "In particular, the report singles out the impact of the global unemployment crisis on the world’s youth. Currently, nearly 74 million people in the 15-to-24 age group are unemployed globally and the slowdown in economic activity is likely to push another half-million into unemployment by 2014, according to the ILO." I really want to be able to find a job post graduation and I'm hoping that my degree from K looks good enough to land me a job if I make the effort to search for one. However, I am definitely worried about these projections! This appears to be cyclical unemployment to me because this seems to be a result of a depression in the economy.
ReplyDeleteI think that this rise in unemployment is to be expected because of the economy in the world today. If you look at major economies like Europe's, the United States and China's economies all of them are struggling. Europe is having a ton of trouble all over, the United States is still trying to pull out of its recession, and China's economy is slowing down at a very dramatic rate. So with all of these factors in these major economies, it is understandable how unemployment over the world is increasing.
ReplyDeleteLooking at the chart I am not extremely concerned. As the worlds population grows, so too will the number of people that are unemployed. This is why the unemployment rate is important. It adjusts to growing populations so that the percentage of unemployed comes to light. Considering the plateau that seems to have formed in recent years around 6%, I don't feel particularly alarmed. 6% is very reasonable
ReplyDeleteI am not very surprised to see the rise in unemployment because of bad economy around the world. The United States is fighting over the debt ceiling, EU is struggling to find the best solution and China is loosing its edge because of competition with other Asian countries.
ReplyDeleteI agree with Braun. Our world economy is obviously in a big slump, but our population growth rate continues to grow. So it does make sense that our unemployment percentages are growing. I'm not too worried though. I think this unemployment is also part of the business cycle and markets will eventually equilibrate.
ReplyDeleteIt makes sense that total unemployment will increase over the years because of population growth. I think that the global economy will be recovering from the Euro-zone crisis and the recent U.S. recession for the near future. However after that it would not surprise me to see some economic booms from major powers because of business cycles.
ReplyDelete“Also, many of the new jobs require skills that jobseekers do not have,” he added. “Governments should step up efforts to support skills and retraining activities in order to address such mismatches which particularly affect young people.” - Guy Ryder
ReplyDeleteThis shows that we have a structural unemployment. That being said I dont see unemployment going up until 2017! People have more training opportunities to overcome this.
I agree with travis, clay and mark in that it makes sense that total unemployment is increasing due to population growth. The key statistics that is more telling of our economies future is the unemployment rate which takes population growth into account. I am not to alarmed by the 6% unemployment rate but i would like to see it start to decrease in the near future.
ReplyDeleteIt is not all too alarming that unemployment is increasing due to a high population, but population growth rates are decreasing. So I believe the issue can't be punted to that topic; rather, that Gift is on the right track. We need better and increased training opportunities to get employment in sectors that we need filled.
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