World Unemployment Rates
Recession has hit the developing, developed and underdeveloped countries with impartiality. Only those countries that put more effort on low strung enterprises and locally driven markets have escaped unhurt. But that is a significant minority.
Talking of developed, the two countries that have really worn that baton of late (after the cold war) are USA and UK. The vast rate at which the appraisals are getting defunct, promotions are not being granted and the economy sliding is no foreign news. A case in point is the growing fluctuation in USA fortunes.
In January and February 2008, the last winter for George Bush Junior, saw it in the range of about 9.4 to 9.8%. That was pretty high as oil prices reached top and the economy was getting tattered. The stringent policies of Barrack Obama who has made his position clear that he cannot buy oil at such prices helped in pushing the prices down greatly. But that is being taken as lull before the storm.
Opec countries will not take long before raising the prices again. The economy slide is apparent as the January and February this year, coincidentally Obama’s first two months, saw unemployment rate at an unfathomable 13.4%. That is huge by any standard.
UK has seen nearly as bad a time as during Falkland Crisis that required all the stratagem and iron policies of Margaret Thatcher. The condition is marginally better than USA, but that is primarily because of their deep-set democracy.
Specifically, the last quarter that ended in December, saw it at 6 percent and since then, there has been a raise of .4 percent. The lion’s share is in IT sector. Trade unionists are in biggest fear of not lasting the distance unless something dramatic comes up.
India has been raising the bar continuously in terms of per capita income and total development. But recession has hit it where it hurts. A major issue seems to be the fact that China has vacated half the premises than India. It will require 2.23 crore posts to be filled and that speaks highly (lowly actually) of how much the companies have depended on off-lays. Infrastructure and IT giants like Infosys, Wipro, DLF have thrown thousands of their employees off board. The core employees cannot be shown the door due to protective policies and so there have been huge salary restructuring and their promotions are at stake as of now. The tiding for future is still chaotic.
Unemployment rate all over the world is not a high note as expected. Libya is showing huge depression with the specific rate. Middle eastern countries are getting steep with range of 40 to 50% unemployment. The same is with Gaza strip.
Only Japan has been able to mask this owing to its expansion theory. In many countries, vital amenities like water and electricity have been cut off for prime periods. Kazakhstan, Uzbekistan, Bolivia, Belgium are some of the countries under heavy weather.
One really hopes that things turn around for the better in times to come.
