Unemployment is a big league and critical issue across various countries. One of the major economic problems faced by various countries is unemployment. Getting a job has been getting harder from time to time due to higher jobless rates. Such a condition is far worse and getting more concern by policymakers as well as economists across the years. Both parties are constantly monitoring and evaluating the current situation and taking actions to reduce the gravity of the situation based on the reliability and availability of information and statistics.
According to previous researchers, there are four common factors which affect greatly towards the unemployment rate. Those factors are inflation (INF), GDP growth (GDP), population (POP) and foreign direct investment (FDI). As the unemployment rate of any country does not reflect a healthy sign to the economy, therefore, this study is to figure out determinants majoring on macroeconomic factors that influence the unemployment rate across different countries.
People in today’s competitive market are actively searching for jobs and are mentally prepared for any kind of job provided at any level of wages. These people, if can’t find a job, the problem of unemployment arises. The large population often contributes towards higher unemployment rates within the country due to the lack of absorption capacity of the country. This issue has become an important subject matter for countries in recent decades. Generally, the government aims at the creation of working opportunities with all the available resources in the industries and regularly pays a lot of attention and concern on this issue as unemployment not only affects socio-economic situations of a country but could also lead to high emigration. If residents are unable to get a job in their home country, they attempt to work overseas if there are opportunities offered to them. Thus, the economic growth of a country would greatly be affected. In long-term, issues such as financial problems, crimination, poverty, inequality, standard of living and mentality may occur. While some countries have higher unemployment rates, there are countries that are performing very well. Best practices of such countries, if adopted by others, the overall development across the world can be boosted and hence living conditions can be improved.
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