WORLD ISSUE- UNEMPLOYMENT

Unemployment is a situation when a person above the specified age doesn't have work or he is able to work but cannot find the work.

The international labour organisation says that around 172 million people around the globe were unemployed in the year 2018. And the rate of unemployment is expected to remain constant in the coming years.

What is the problem of unemployment-

• When there is a production of less output, it results in scarcity.
• Because of less income, owners receive less income which reduces standard of living.

Hence unemployment can also be studied in the terms of gross domestic product (GDP). When the economy witnesses rapid increase in growth in any terms (let's say production), it is said as GDP growth. In the GDP growth, unemployment tends to decrease. Because when the production is higher, more labourers or workers are engaged in work so that there can be good production. Better the economy, less the unemployment rate.

World unemployment rate- around one billion people in the globe or about 30% of the total global workforce, is unemployed.

The graph below shows global unemployment rate from 2009 to 2019.

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