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The coming depression blog | November 24, 2017

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Ill Effects of Unemployment in Europe

Ill Effects of Unemployment in Europe

 

Unemployment is a serious problem faced by almost every country throughout the world in varying degrees of seriousness. This means that the unemployment rate in some countries is more than that of others. For a country to be progressing at a good rate, the unemployment levels in the country need to be at the minimum. A high growth rate and a low unemployment rate do wonders for the country economically as well as socially. However this has not been the case in Europe for some time now. Many countries in Europe are suffering with high levels of unemployment which is causing economic uncertainty and social unrest in these countries. Countries like Spain and Greece are large economies in Europe that have very high unemployment rates.  There are a number of problems in an economy that has a high unemployment rate. The following are some of the ill-effects of high unemployment in Europe:
Ill- Effects of High Unemployment in Europe
•    High unemployment means millions of people in the country that are looking for jobs are unemployed. In Europe there is widespread unemployment in many countries especially among the youth which is a serious problem.
•    Poverty increases and it is difficult for many people to meet ends as there are no stable jobs to provide money for sustenance of their lifestyle.
•    Many college graduates looking for jobs in Europe either have to move out of Europe to look for jobs or remain unemployed for a long period of time in European countries dealing with high unemployment.
•    People who do manage to get jobs in these European economies are still vulnerable to lay-offs and many are also opting for jobs with lower pay and semi-skilled job profiles even if they are qualified to handle jobs that are much better than the job description that they have accepted.
•    Social unrest and increase in crime are fallouts in society due to high unemployment. People are miserable in society and countries with high unemployment rates have seen massive protests against their respective governments in Europe.
•    In Europe there is a grave danger today of mass social unrest due to jobless and the inability of youth in European countries to get jobs.
Overall the standard of living of people living in European countries with high rates of unemployment has diminished in the last few years. Unemployment is a serious concern in Europe and more needs to be done to tackle the problem of unemployment.

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