Below is a graph of Spain’s unemployment rates, which has clearly taken a roller coaster of ups and downs in the past 18 years. The deflation rate, like most statistics of Spain’s economy, can be almost split up in pre and post real estate bubble pop in 2008. As shown, pre 2008 market crash Spain’s unemployment rate started much higher in comparison to the United States shown in the graph in addition to Spain. Spain was making steady progress in reducing the unemployment rates and got it down to almost 7.5%, but come 2007 / 2008 it begin to go right back up quickly exceeding the previous highs. Although, it is fascinating the ways in which Spain has always had well above average unemployment rates, while also being able to be one of the largest economies in the world at the same time.
The third group countries (Greece, Italy and Portugal) ware hardly hit by the economic crisis with above 25% youth unemployment rate due to the poor policy on both labour market protection and vocational training programme. These situations draws attention on what factors determines the changes the youth unemployment rate and how it responds to different training system. This report will use data on range of European countries with updated database to verify the overall determinants of youth unemployment rate, especially, then compare magnitude of youth unemployment cross genders and age groups. To specify the efficiency of government behaviour, a cross country analysis focus on France and Germany will be
Take Spain as an example. Spain is one of European countries suffering from the most serious impact from Financial Tsunami in 2008. In Spain, there is a high unemployment rate now. According to the data from Trading Economics, the unemployment rate in Spain increases from about 10% to nearly 25%. Once the tax is implemented, due to multiple effects from financial market, the unemployment rate would increase continuously.
Introduction: Unemployment occurs when a person who is actively seeking for work is unable to find work. The measurement of unemployment is unemployment rate. Unemployment rate is the percentage of the labour force that is unemployed. Unemployment rate is often use to measure the health of the economy. There are 3 types of unemployment which are frictional, structural and cyclical unemployment.
A low level of unemployment is one of the main macroeconomic goals of every country. This is because a low unemployment rate is a sign of improved health of an economy. Unemployment (or joblessness) is defined as people of working age who are without work, available for work and actively seeking employment . Unemployment rate is the number of people who are unemployed expressed as a percentage of the total labour force . Statistically, the number of unemployed people in 18-member Eurozone drop for about 22, 000 in March when compared to February.
Spain, after the collapse of 2008, saw a rise in the levels of personal debt. Although the public debt stood at 60% of the GDP, the problem was due to foreign exposure of private debt. Spanish banks were relying heavily on whole sale finance from abroad. Portugal had a large current account deficit and external debt which was fuelled by private sector borrowing. Greece, Portugal and Ireland were the worst hit whereas Spain & Italy were considered fiscally vulnerable economies.
During the period between December 2007 and June 2009, the world markets faced the worst, largest and longest economic downturn since the Great Depression 1929. The Great Recession is a term that represents this economic crisis. Timing of the recession varied from country to another. The influences of the Great Recession were remarkably severe in several aspects such as, the unemployment rate and real gross domestic product. It also can be observed today from the reformed world of monetary and investment banking how outsized they were.
According to Trading Economics (2016) the unemployment rate in Spain is close to 25% in recent years, which would increase the pressure to the local labor market. Furthermore, the growth in the number of temporary workers has brought adverse effects to
The recession started in 2008 by the stock market crashing like the great depression started. People who had money in stocks again lost large sums of money. Both the great depression and the recession of 2008 had banks that collapsed, and businesses that closed (State). This is a sign in both situations that the economy is not headed in a good direction. The Similarity is that people lost confidence in banking because many banks had to close in the depression, and some had to close because of the recession in 2008 as well.
Unemployment is universally recognized as a bad thing. While economists and academics make convincing arguments that there is a certain natural level of unemployment that cannot be erased, elevated unemployment imposes significant costs on the individual, the society and the country. Worse yet, most of the costs are of the dead loss variety where there are no offsetting gains to the costs that everyone must bear (Depending on how it 's measured). Unemployment represents the number of people in the work force who want to work but do not have a job. It is generally stated as a percentage and calculated by dividing the number of people who are unemployed by the total work force.