INTRODUCTION
For this assignment, I will be focusing on the unemployment situation in Greece. The reason why I choose unemployment in Greece is because the country is facing a high unemployment rate of at least 27.8% in October 2013, the highest jobless rate in the entire area of Europe. Greece high unemployment started as early as 8.5% in 2009. This is the sixth year that Greece has seen its recession. Unemployment in Greece is also a major problem for the economy as this will decrease the production rate of the country therefore lowering the country’s GDP
CAUSES OF UNEMPLOYMENT:
The country now has 1.5 million of its population with no jobs. In the 27.8% of population being unemployed, 64.9% of the population are youth between
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Greece is in a debt crisis after the election on 2009 which resulted the opposition Pasok socialist party to win, making George Papandreou to takes over as new prime minister. On January – March 2010, the government announces of 2 more austerity measures. Austerity measures are official actions being taken by the government during the period of adverse economic situation. It is to reduce budget deficit by using a combination of spending cut or increasing the tax. However the austerity measures are resulted by facing a mass protests and strikes by the public. The strikes grew as big as 10 thousand people in early 2011. On the February of 2011, the protesters march on to parliament to counter government efforts to pass on the new austerity laws. Majority of the protesters are students between the ages …show more content…
As explained at ‘Causes of unemployment’, one of the steps taken was the austerity measure. Another step from the government official is to give the unemployed benefits. However, there are criteria to be met before your application can be approved. To apply the unemployment benefits for the first time, applicant must complete 80 working days in each year for 2 years, and worked at least 125 working days for the last 14 months, excluding last 2 months. The criteria changes if an applicant wants to apply for the second time. The benefits payment however has dropped in comparison from 2009 to 2012. As of May 2009, the benefits payment is €454.25, with increased of 10% for each family member. In 2012 however, the payment was €350. It is assumed that the unemployment would not be fully recovered before the debt crisis has ended. While unemployment is still an issue, situation seems to be improving on the
The trends in unemployment affect three important macroeconomics variables: 1) gross domestic product (GDP), 2) unemployment rate, and 3) the inflation rate.
...hat “Spain is on its way to be back to its regular habits where they are going to have a healthy economy and young people that are now employed, that now have the experience on the work force”. I think that Spain can fix their unemployment rate if they focus on helping the people by creating jobs for them and fix the supply and demand, which is the Import and Export of Spain that helps their economy. Then the government can pay the people and the unemployment rate of Spain and the young people can have jobs and a better life. The only way that Spain is still fighting this crises is because they are getting help from the European Union and from other countries that are nearby to help them sustain. One of the most important things that the government system does is that they always find out the problems that they have in their country and put a stop to that fast.
The movement of capital from the European core countries like Germany and France to the peripheral countries such as Greece began to subside. In 2010 the Greek Ministry of Finance published the Stability and Growth Program 2010 which listed GDP growth rates, government deficit, government debt level, budget compliance, and statistical credibility as the five main causes of the government-debt crisis plaguing Greece today, (…). The Greek economy was one of the fastest growing in Europe up to the time of the Great Recession. At the time of the original introduction of the euro in the years ranging from 2000 to 2007 the economy grew at around 4.2% annually. Greece faces lots of issues in its attempts to regain control of the crisis and their shattered economy and each year the crisis deepens and the international community keeps a watchful eye on the nation teetering on the edge of
Cooper, Ryan. “The Great Recession never ended.” The Week - All you need to know about everything that matters, THE WEEK, 27 July 2017, theweek.com/articles/714423/great-recession-never-ended.
I want to start a movement, I want this to be a slogan, a rallying cry for all those hardworkers in America who are seeking work, full time or part! It is a rough economy, no one needs to be reminded. But because of that, two things occur. a. Many people become desperate, rightfully so and b. Many employers gain the upper hand because of that. They start to be a little rude or inconsiderate or overly demanding, etc.
"There is a serious struggle in Greece for three years. We have the largest number of national strikes in Europe. There are strikes at individual plants, factories, private and public sectors. " - General Secretary of the Communist Party of Greece Aleka Papariga, January 30, 2012
As Canadian's fertility rate fells, baby boomers retires, immigration and foreign workers becomes very important for the increase of labor demands in the Canadian's job market. The government is planning to reduce the application waiting time and therefore there will be more newcomers coming in the next fewer years. Canadian companies will then have many experienced and foreign trained applicants where they can help Canadian companies to increase their foreign trade and to build a better relationship with the other country. However, new comers have difficulties in finding employment because of their unrecognized foreign qualifications, non Canadian work experienced and the lack of support in the settlement programs where they get help to find employment.
The recent global financial crisis that affected not only America but also Europe and other parts of the world resulted in massive unemployment. This is due to the high costs of operation that many corporations faced forcing them to cut on labor costs. There is need for European government interventions to avert this social crisis and prevent the occurrence of such a crisis in future. Unemployment has hit the service sector harder than other sectors with the following being the most affected: automotive, construction, tourism, finance and real estate. The global financial crisis has also increased consumer prices thus pushing inflation. According to McCathie, “the increase in July consumer prices to 1.7 per cent pushed inflation in the currency bloc up towards the European Central Bank’s target of keeping inflation at below, but close to 2 per cent. Eurozone consumer prices had stood at 1.4 per cent in June” (McCathie, 2010).
Economists predict real GDP growth will be below expectations again in 2010 and that a further halt in 2008 will result reflecting the impact of higher inflation, international financial insecurity and the appreciation of the euro. Its public debt is at nightmare proportions and continues to rise, and to this day remains well above 115% of GDP. (Economist.com - Italy)
Historically, financial crises have been followed by a wave of governments defaulting on their debt obligations. The global economic history has experienced sovereign debt crisis such as in Latin America during the 80s, in Russia at the end of the 90s and in Argentina in the beginning of the 00s. The European debt crisis is the most significant of its kind that the economic world was seen started from 2010. Financial crises tend to lead to, or exacerbate, sharp economic downturns, low government revenues, widening government deficits, and high levels of debt, pushing many governments into default. Greece is currently facing such a sovereign debt crisis and Europe’s most indebted country despite its surplus in the early 2000s. Greece accumulated high levels of debt during the decade before the crisis, when the capital markets were highly liquid. As the crisis has unfolded, and capital markets have become more illiquid, Greece may no longer be able to roll over its maturing debt obligations. Investment by both the private and the public sectors has ground to a halt. Public sector debt has increased substantially as the state had to rely on official assistance to payroll expenses, fiscal deficit and fund social payments.
Financial Crisis Greece’s Financial crisis began in 2009 and still is an ongoing struggle, some say the debt Greece has accumulated over the years is so high that it is unattainable. The factors that contribute the massive debt accumulated by Greece are the recession as well as the actions of the Greek government, such as their spending habits. According to the Dogs of Democracy study guide, “Its economic growth remains slow, and unemployment and poverty are high.”, which explains
Eurozone crisis has had huge impacts not only on the economy of the UE but also on the other countries who have economic and financial relations with the members of the union. The reason why we have decided to examine the Eurozone crisis in detail is to have a better understanding of the mechanisms behind this extremely important and complex problem and also to make accurate inferences about the solution alternatives. In our pape...
On attaining independence in 1963, the inaugural Kenya government identified poverty illiteracy, disease and unemployment as the most debilitating of challenges facing the country. Almost five decades later, despite numerous policy efforts, these challenges continue to enslave many Kenyans. The situation is even more debilitating when one is a youth. According to the Kenya Integrated Household Budget Survey , approximately 67 per cent of the unemployed in the country are youth.
People need money to purchase all kinds of goods and services they needed every day and sometimes, for goods or services they desire to own. To fulfill that, they have the essential need to earn money. In order to earn money, they must work in either in fields related to their interests or to their qualifications. However, people will meet different challenges during their jobs-hunting sessions, such as many candidates competing for a job vacancy; salaries offered are lower than expected salaries and economic crisis or down which causes unemployment. Unemployment is what we will be looking into in this report. Dwidedi (2010) stated that unemployment is defined as not much job vacancies are available to fulfill the amount of people who want to work and can work according to the current pay they can get for a job they chose to work as. There are four major types of unemployment: frictional, structural, cyclical and seasonal unemployment.
The most common causes of unemployment are getting fired and layed off for specific reasons. People might get layed off if a company is going out of business or maybe if there are positions in the company that are no longer needed. It’s difficult to find a job right away after being fired. Companies don’t want to hire someone who has just been fired for reasons such as failure to do a sufficient job, not showing up to work, stealing, etc. It’s also hard to find a job instantly after being layed off. In some cases the economy is down and it is hard to find any work in general.