Many countries around the world are struggling with their unemployment rates going high. With that, governments are looking for ways to generate as much job opportunities as possible to help their unemployed citizens to land a job. Most governments, especially developing countries, look for ways to attract foreign investors so that they can generate more jobs and reduce unemployment in their country.
What is unemployment? It is a situation in which individuals who belong in the working age (willing and are able to work) are unable to land a job or find paid employment. In other words, unemployment refers to a situation in which people who are capable of working and who are qualified by age to work cannot find employment, often referred to as being “out of work”, or unemployed.. In economics, unemployment refers to the condition and extent of joblessness within an economy.
Unemployment is measured in terms of the unemployment rate, which is the number of unemployed workers divided by the total civilian labour force. Hence, unemployment is the condition of not having a job.
Unfortunately, unemployment levels are increasing dramatically in many of parts of the World. Even in Australia, we are also experiencing an increasing rate of unemployment recently. There are several causes behind this increasing rate. But the main reason for the high level of unemployment is dramatic increasing population matched with technological progress.
Advanced machineries and equipment are one of the biggest factors why unemployment level rises. With this technology, far less working hours are needed to produced= all the goods that are required, hence there will be less demand of labour. This can lead more to the raise of unemployment ratio. On the other hand, traditionalism, ignorance and over population etc are some other major cause that led to the raise of unemployment.
In Australia, unemployment level has risen to 5.6% , the highest level it has been since July last year. Read the whole story from Nine.com.au: https://finance.nine.com.au/2018/05/17/12/18/unemployment-rate-rises-in-april