The four lowest unemployment countries in the world

he The unemployment It is one of the main structural problems in Spain. Although the situation has improved greatly in recent years, it is still considered an outstanding issue, especially with regard to unemployment among youth. In the second quarter of 2023, the unemployment rate reached 11.6%, which is a percentage that can be considered high compared to the least unemployment countries in the world, but compared to the peak it reached in the first quarter of 2013, when it rose to 26.94%, it decreased a lot.

By country, and according to OECD data for the first quarter of this year, Japan It is the advanced economy that suffers from the lowest unemployment rates in the world (2.6%), followed by Germany, the Netherlands and the United States (which amounts to 3.5%); Norway (3.7%), the United Kingdom or Ireland (4.2%). To give an idea, unemployment in G7 economies averaged 4% in the first quarter of 2023; Average 6% in EU; And 6.6% in the euro area.

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From January to March 2023, Spain’s unemployment rate exceeded that of its neighbours. Even Greece, which traditionally had a very high percentage, reaching 28% in the 2008 crisis. Germany remained at 3%, and the United Kingdom at 3.9%; France rises to 7.1% and Italy gets 7.9% and we are also far from the OECD average, which is 4.8%.

Spain now has a major task: forming a government. Should Pedro Sánchez revalidate the office of president, one of his goals for the next legislature is an investigation Effective “full employment”.This means reducing the unemployment rate to 8%, as stated by Acting Minister of Economic Affairs Nadia Calviño during the election campaign. This commitment appears in writing in the PSOE’s electoral programme.

You may be interested in: The government postpones its expectations to reach “full employment” until 2038, that is, by more than a decade

But only three months later, as we already told you Spain information The Public Pensions Expenditure Projections report published by the Ministry of Integration, Social Security and Migration has delayed the achievement of this target until… 2038Which means assuming that it will take at least another decade for the SWP’s election promise to be fulfilled. According to the report, the average unemployment rate will rise from 12.2% in 2023 to 12.2% in 2023. 5.5% in 2050Down from 10% in 2032. In this way, Spain will converge with Europe in unemployment rate in the medium term.