Almost 10 years later, industrialized countries have returned to level of unemployment y had before crisis. Last October rate fell by a tenth percentage and dropped to 5.6%, level of April 2008, in average of countries that make up OECD. The good progress of rhythmic economy in developed areas, something that has taken a long time to happen after departure of Great Recession, has been key to reaching this point.Learn More
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The reduction of unemployment rate, however, has not been sufficient for number of unemployed to return to level of 2008. There are still 2.5 million of unprepareds more than n. In all countries that are part of OECD re are 35.1 million. This is possible because during this period active population has grown, number of working-age people, with employment. After all, unemployment rate is nothing more than a hundred people who are not busy with workforce.
Unemployment has reached minimum levels in countries such as Germany, Korea, Japan, or Mexico, where it is below 4%. In United States it is slightly above, 4.1%, and in Nerlands, 4.5%. Among countries with most unemployment is Spain, with a unemployment rate of 16%. Still far from precrisis levels. Theoretically to Spain surpasses Greece, however, Greek fact (20.6%) is of August and not of October like rest.
Spain and Greece have had a very similar evolution in ir labor market over years. The two began with a level of Desmpleo that was located on 8%, Spain 8.8% and Greece 8.1%. The two approached 30% unemployment at worst of times: Greece almost reached 28% and Spain outnumbered 26% and grazed 27%.
Now, when recovery has arrived, Spain, which despite level of unemployment achieved, has not suffered a crisis of dimension of Greece is seeing as unemployment falls more strongly than that of latter country. Neverless, despite rapid improvement in Spain's work in recent years, re are still eight percentage points above unemployment in April 2008.
These same countries, Spain and Greece, toger with Italy, are also ones with highest youth unemployment. Among young Greeks it almost surpasses 40%. Among Spaniards, rate goes up to 38.2% and for Italians it reaches 34.7%.