In 2018, global unemployment fell to its lowest rate since 2008 – although this did not last long.
A pandemic struck the global economy, disrupting production and employment across borders and worsening entrenched labor trends while slowing economic development.
North America is blessed with many natural resources, from vast forests and fresh water reserves to some of the richest soils on the globe. Thanks to these resources, the continent has become one of the world’s most economically advanced regions.
The region encompasses two nations – the United States and Canada, together with their various territories, covering an area of 9,355,000 square miles (24,230,000 sq km).
Most of North America’s population lives in urban/suburban environments. The highest population concentration can be found in Northeastern parts of the continent – this cluster of cities is often called megalopolises.
Many cities and towns in this region are among the wealthiest in the world, boasting average per-person income that is twice higher than that of global average.
Due to North Americans enjoying a relatively high standard of living, they can afford more spending on food, housing, education and other essential needs; yet many still live in poverty or poor conditions.
Unemployment rates across North America differ considerably based on factors like geography and economy. Some causes could include seasonal factors while others are due to an unstable labor market or other influences.
Cyclical unemployment typically spikes during recessions or other turbulence in an economy, as businesses reduce hiring workers as part of a cost cutting measure. If however the economy expands and job opportunities increase, unemployment may decrease accordingly.
One factor contributing to variations in unemployment rates from country to country is definitional differences. Some nations define unemployment as people able to work but who haven’t found work yet while other consider those without any work for four weeks or more unemployed.
No matter the cause, unemployment in North America is relatively low compared to other regions around the world. This may be partly attributed to North American economies being predominantly manufacturing-driven; with strong economies contributing to an improved labor market that reduces unemployment rates more effectively than weaker economies would allow.
The world unemployment rate measures the percentage of people without jobs worldwide and is used by policymakers and economists to assess economic performance, as well as to measure effectiveness of government policies and programs.
Unemployment rates across Latin America can differ drastically depending on each country and its circumstances, yet certain countries tend to experience lower unemployment rates than others due to factors like economy size and development status.
One of the primary factors affecting unemployment is education levels. Latin American countries rank highly here – Brazil, Mexico and Argentina being some of the leaders.
Unemployment rate around the globe can also be affected by availability of workers. A country’s supply of available laborers will help determine its economy’s productivity and its ability to create employment.
Some South American countries with low unemployment rates include Argentina and Chile. Both have developed significant fishery, fresh fruit, and wine export industries which help lower unemployment rates in these nations.
Even with economic success, some countries in this region still suffer from high unemployment rates. Argentina is no exception; their unemployment rate currently stands at 15% and has not changed since the 1990s.
The region’s high unemployment rate can be attributed to several factors. One is its reliance on commodity exports that experience boom-bust cycles; when crisis strikes the area, economies may be severely damaged.
Currency devaluations is likely to lead to less attractive international trade and capital flight, further decreasing GDP in a country.
Corruption, indebtedness and crime all have an adverse effect on economies; governments and businesses must address these problems head-on by improving anti-impunity institutions and encouraging greater regional integration via initiatives such as Pacific Alliance. By taking these steps we will improve economic performance within our regions while realizing their full potential.
Europe is the second-smallest continent (Australia is smaller) and third-most populous. While Europeans come from diverse backgrounds and speak various languages, have different cultural practices, diet habits, and celebrate different festivals, they often share common values and ideas.
How Europeans perceive themselves within an interdependent global community is an essential question to ponder. A recent Pew Research Center poll polled European citizens about their beliefs concerning the role their countries played in global affairs.
Most Europeans recognize their role as being to promote peace and democracy globally; however, many are questioning if that goal can actually be realized amid concerns about financial turmoil, Russia’s rise to power and migration of refugees.
The European Union, comprised of Germany, France, the Netherlands and Sweden has created a $957 billion rescue package to assist financially troubled countries such as Spain and Greece. Unfortunately, however, tensions have arisen between economically competitive nations that provide relief aid and the more financially vulnerable ones which rely on European assistance for assistance.
Unemployment rates differ considerably across Europe’s various regions. Spain has one of the highest unemployment rates among all the EU nations, edging out Czech Republic, Poland, Malta, Germany, Netherlands, Slovenia Denmark and Ireland as examples.
Factors play a role in determining a region’s unemployment rate; seasonal changes could impact some countries more than others and other nations may experience lower unemployment than others in their region.
Eurostat defines Europe’s unemployment rate as being determined by calculating the percentage of unemployed labor force members who are actively searching for work but cannot secure employment. Simply put, unemployment measures the proportion of individuals actively looking for work but are unable to find it.
Germany boasts one of the lowest unemployment rates in Europe and it continues to fall since reaching its peak in 2010.
Asia is the largest continent on Earth in terms of land area and population, stretching from the Arctic Circle in the north all the way southward to Indian Ocean warm waters in the south. Characterized by high mountains and vast plateaus, as well as wildlife such as Asian elephants, tigers and giant pandas; Asia boasts one of Earth’s richest ecosystems.
Asia is home to most of the world’s population and features an enormous diversity in climate, ethnic groups, cultures, economic systems and historical ties – not to mention its complex government system and vast range of languages and religions.
Asia is home to some of the most populous nations on earth, such as China, India, Australia and Singapore. Vietnam, Korea, Philippines Thailand and Indonesia also boast impressive populations.
Asia may be vast in terms of land area but its economic development has been relatively modest – although still growing and emerging as a world power.
China accounts for more of global gross domestic product (GDP) than both Europe and North America combined, and is on track to be the world’s biggest economy by 2040. China also represents a powerful force in trade, technology, business and tourism sectors.
This region plays an integral part in global economy, contributing to increased trade in goods and services as well as capital flows. Furthermore, this area boasts many innovations which result in patent filings worldwide.
Asia’s population growth is another key driver for its rapid expansion, and is projected to surpass Africa in terms of total numbers by 2040, eventually outstripping Europe altogether.
India, China, Japan and South Korea are among the major economic powers in Asia with low unemployment rates.
As well, developing Asia economies often feature large unemployed populations and an inexperienced labor force – both factors creating significant strain on economies in coming years.
Even though Asia has seen significant employment gains, unemployment still exists throughout its borders. India alone had an estimated 1.5% unemployment rate in 2020; furthermore, unemployment levels in South East Asian nations have steadily been on the rise for some time.