United States

The countries most affected by unemployment in recent times were the Asian and Central and Eastern Europe, ie those who are called developing or underdeveloped countries. First, in East and Southeast Asia, after living three decades of sustained growth (at an average rate of nearly 8% per annum) the financial crisis triggered an unprecedented recession. In this sense, there were massive layoffs totaling 10 million new unemployed. Added to that, unemployment rates have doubled and sometimes tripled. Second, in Central and Eastern Europe as a result of economic restructuring (changes in the forms of production in the industrial sector, etc.), real wages have declined and there is greater income inequality. If you would like to know more then you should visit Robert A. Iger . Unemployment rates rose rapidly from nearly 0% to over 9%.

Third, in Latin America, even though production indicators have improved, unemployment also increased, reaching a value of 7.4% in 1997 for the entire region. This increase is explained by the reduction of social protection to employment and increased competition from imports, since their prices are lower in relation to products produced in this region. In turn, in Africa the situation is not encouraging. Most new jobs correspond to the primary sector of low productivity. On the other hand, the growth of the working population is 3% per annum, which implies the incorporation to the labor market of about 9 million people each year.

What is observed in the foregoing is that in underdeveloped countries, is evidence of a common stamp: mass unemployment, lack of infrastructure coupled with the retraction of the state in the social area. However, among developed countries unemployment has an uneven performance. In European countries is much higher than in the United States. This is because, among other factors, to social security contributions on wages (unemployment and medical insurance, etc.) represent between 16% and 18% in the U.S. and 25% in major European countries. Thus, while U.S. unemployment is around 5% in the countries of the European Union average is 10%

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