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Greece among the world’s five countries with highest unemployment rates

Greece comes second on world’s list with highest unemployment rates. In the sixth year of austerity program, unemployment may have fallen below 25% but it is still high with one in four Greeks being without work.

According to Forbes, the debt-ridden country is followed by Spain, another country of the eurozone.

South Africa (25.50%)

Greece (24.62%)

Spain (21.18%)

Iraq (16.00%)

Noting that “if unemployment remains high for an extended period, it may become structural, resulting in a myriad of problems,” Forbes stresses that factors like economy, technological advances, and seasonal fluctuations affect a country’s employment situation.”

#2 Greece

Greece’s economic problems are no secret. Its unemployment rate was relatively tame until late 2008 when it began to rise. Greece’s lowest unemployment rate since 1998 was 7.30%. Youth unemployment in the country is a staggering 49.50%, far worse than the general rate. Many believe the problem in Greece is structural and will require microeconomic policies to remedy the situation. In short, Greece’s government will need to be almost surgical in its approach.

Full Forbes article: The five countries with highest unemployment rate.

PS and if one adds the thousands of people who left Greece in the years of the crisis and migrated seeking a work, the unemployment rates could only verify how the austerity program smashed the structures of a country.

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  1. Also these numbers only measure employees, not the self-employed which is a disproportionate % of greek workers. A short walk around the streets of Athens with sometimes only one shop left functioning on a block tells the story there.

    And the crashing of the construction sector has put most of the country’s architects and engineers out of work. Slashing the numbers of doctors by half means that there are thousands of unemployed doctors in a country where only half now have access to medical care. To their enormous credit, many of these doctors work for free in solidarity medical clinics.

  2. Greece always had a lot of hidden unemployment and underemployment — both categories found in employees and the self-employed. When employment levels are stabilised by subsidies and state debt, then the problems are manifested as lack of competitiveness (implying weak exports and high imports) and a current account deficit. In one sentence: what Greece has always needed and needs today is modernisation of production in the economy. This cannot be delivered by cutting wages and cutting jobs: this brainless Teutonic plan is guaranteed to make matters worse. Greece needs capital investment, reform of the role of the State in assisting the private sector, and removal of the corruption that is endemic. None of this is attempted by the Troika.