Unemployment Rate Rises Amidst Global Financial Crisis

Summary: With the ongoing economic recession, millions of workers worldwide have already lost their jobs, and as experts believe that this crisis will be protracted and deep, more people are also facing lay offs.

Meanwhile, countries including US, Britain, Germany, Japan, and China are sinking into recession.

Experts warned that unemployment rates will keep on rising due to the ongoing financial crisis experienced worldwide.

As the economy of each country is interlinked to one another, a gloomy forecast said that workers even on rich countries including US, Britain, Japan, and Germany will face higher risks of layoffs as the economy is further sinking into recession.

Meanwhile, developing countries are not spared from the financial crisis especially those which are heavily reliant to exports.

Experts also said that countries with mobile workforce or with many migrant workers are more vulnerable to experience sky-rocketing unemployment rates.

In China, the world’s fastest-growing economy is now experiencing massive unemployment rate. Over six million migrant workers who came from provinces have lost their jobs in the city, according to a recent data.

Rich countries from Europe are also sinking into recession with looming unemployment problem. For Example, Spain’s unemployment rate increased by nearly 14 percent this year.

In the US, a recent data revealed that 2.6 million Americans have lost their jobs last year, the highest incidence of unemployment rate since the period of “Great Depression”.

According to Organization for Economic Cooperation and Development (OECD), by the end of this year, an estimated of 210 million people will be jobless.