Leading causes of unemployment around the world.


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Essay on Leading causes of unemployment around the world

Employment is one of the major indicators of the financial growth of a country. The rate of unemployment can severely and adversely impact the economic status of a country. One of the major problems the world is facing today is that of unemployment. The problem of unemployment is worsening day by day not only in developing countries but also so in developed countries. The number of unemployed persons worldwide has increased from 187.3 million to 220.3 million between 2019 and 2020. Although the number is increasing continuously there is good news that as per the prediction of the International Labour Organisation the global unemployment rate will decline to 5.7% in 2022 with estimated 205 million unemployed people around the world.

Broadly speaking the major factors affecting the unemployment status of any country depends on the prevailing conditions of the economy and also on individuals perception. The intrusion of technology into our daily life is a major threat to employment in most countries. The advanced technologies have replaced the low-skilled or unskilled workers in various organizations and factories. With the introduction of computers and other advanced systems, the requirement for manual labour has substantially decreased. However higher-skilled manpower is still required to operate the advanced gadgets. For example, when personal computers replaced typewriters the persons employed to do the typewriting job became useless and hence jobless. Also, the fast speed of completing a job using computers reduces the number of employees drastically even if they have acquired the skill to operate computers.

The rate of population increase is directly proportional to the rate of unemployed persons in any country. In this regard countries like China and India are the worst sufferers because in these countries the number of job seekers outnumbers the number of jobs available.The other important factor causing unemployment is lack of education or skill. If the education provided is not in sync with the job requirements then even a highly educated person cannot get a compatible job contributing to the number of educated unemployed people.

The economic status of a country directly impacts the level of unemployment. The rising cost makes it hard for the companies to pay for their operations. Moreover, sometimes companies suffer economic crises and bankruptcy which forces them to cut down the budget. And this job cut ultimately results in a rising unemployment rate. If a company is unable to pay even the minimum wages, employees are open to rejecting the low-paid jobs and leaving the company. How the rising cost impact the company can be understood by a simple example. If the petrol or diesel prices or electricity cost increases then it will affect the factories or companies which depend on the energy sources and most of the organizations depend upon these.

Changes in the global market scenario also impact the unemployment level to a large extent. Due to globalization, the financial crisis in one country can affect the other country’s economy too. The effect of unemployment cannot be undermined as it induces financial, social, and psychological problems in our society. So it can be concluded that it is the prime duty of any government to devise a mechanism to combat the problem of unemployment. This is essential for the social, economic, cultural, and overall growth of a country.

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