Unemployment Rate In Canada

“The global financial crisis has sharply increased unemployment across the world to more than 210 million people, an increase of over 30 million since 2007, hitting advanced economies especially hard and having long-term social repercussions, including on health and the children of those laid off” (IMF, 2010). This is one of several statements or statistics relating to the negative impacts of the 2008 global financial crisis on employment situation. In general, the unemployment rate, in either developed or developing nations, has grown dramatically in the years following the crisis. While the severely pessimistic signs of labor market have been recorded in the world’s largest economies, those considered as the least and less developed states

According to a survey conducted by Statistics Canada in 2009, the rate of people who were unemployed to entire labor force was officially measured as high as 8.3%. In contrast, Vietnam experienced a slightly low unemployment rate, which was 2.9% in the same period. However, the later trend of employment was completely different between both nations. While Canada successfully maintained the figure to remain below pre-downturn level since 2011, Vietnam still struggled with the steady increase in its unemployment rate, recording an obvious high of 3.3% in 2016, according to the General Statistic Office of Vietnam. It is easily seen that despite of the high advanced economy, Canada has had a conspicuously higher unemployment

Compared to any other age groups, the young make up the highest unemployment rate, nearly as twice as the rate for entire labor force. In 2015, there was 13.5% of youth who were unemployed in Canada while the total unemployed percentage was approximately 6.9% (CIA, 2015). In Vietnam, the similar trend was witnessed with 6.8% of young people were seeking for a job, compare to 3.5% of all labor in the market (CIA, 2015). Furthermore, young Canadian males are likely to suffer from the economic downturn. The country recorded a higher unemployment rate among young males than their female partners, scoring 15% and 11.4% respectively (CIA, 2014). Nevertheless, Vietnam obtained a higher proportion of young unemployed females than males, with a gap of nearly 1.5% between those two (CIA, 2013). While the youth’s employment situation has aroused the public concerns, there is a difference in the unemployment according to gender among the youth between Canada and