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The coming depression blog | October 21, 2018

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Unemployment in Europe – A Major Problem

Unemployment in Europe – A Major Problem

One of the main economic problems in European countries is unemployment. Some of the countries have double digit unemployment rates which are absolutely cruel to the people living in these economies as it becomes very difficult to find a job let alone a good one in these economies. Without jobs it is difficult to put food on the table and pay bills which leads to poverty. There are various structural and economic reforms needed in many of the economies in Europe for unemployment to reduce and jobs to be created in the economy. The following are some of the details regarding unemployment in Europe.

Unemployment in Europe
•    There are some European economies that are doing better than others when it comes to unemployment rates. Countries like Germany and Austria have controlled their unemployment rates better than others and have unemployment rates around 5%. As Germany is a large economy in Europe this is a good sign.
•    Another large European economy, United Kingdom has unemployment between 6% and 7%. Luxembourg, Denmark and Netherlands are other countries that are doing reasonably well in this statistic.
•    One of the main problems in terms of unemployment in a large economy in Europe is with France. France has an unemployment rate of more than 10 % which is simply not acceptable if the country wants to grow economically and wants to provide jobs for its population.
•    Unemployment problem persists in countries like Bulgaria, Portugal, Ireland, Latvia, Slovakia and Italy where the unemployment rates are between 10% and 15 % which is very high for an economy in Europe.
•    However the countries mentioned above have a smaller problem as compared to countries like Spain and Greece. There is massive unemployment in these countries with unemployment rates in Spain around 24% whereas in Greece it is over 25%. So in these countries roughly one in 4 people looking for a job cannot find a job in their countries.
•    If the youth unemployment statistics are to be looked at it is a more difficult unemployment situation. Only Germany, Austria and Netherlands has a youth unemployment rate of less than 10 % whereas counties like Britain have a youth unemployment rate of over 15 % and France has a youth unemployment rate that is in the mid-20’s percentage wise.
•    However again countries like Spain and Greece have a youth unemployment rate of over 50% which means 1 in 2 youth in these countries looking for jobs cannot find jobs in these countries.
The above statistics show that unemployment is a major problem in Europe.

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