Global Unemployment Analysis (2014-2024)
Akshat Singh
2024-10-30
Introduction
- One important economic metric that shows how well a nation’s economy is doing is unemployment. In order to identify nations with abnormally high or low unemployment rates, track trends over time, and discover regional discrepancies, this research examines worldwide unemployment statistics from 2014 to 2024. This analysis looks at these trends in an effort to shed light on the stability of the global labor market and economic resiliency.
Data Source and Preparation
The dataset contains annual unemployment rates for a number of nations and demographic categories and was sourced from https://www.kaggle.com/datasets/sazidthe1/global-unemployment-data
Country names have been standardized and cleaned,to guarantee a complete worldwide perspective, missing data for some nations was imputed. Greenland, North Korea, and Venezuela, for example, were given the world average jobless rate because of the scarcity of statistics.
Approach to Visualization
- To investigate the patterns and trends in unemployment, three visualizations were created:
- An average unemployment rate by nation is displayed on a Global Unemployment Map.
- To show changes over time, a Time Series Line Plot for a few chosen countries.
- A Bar Chart of the Top and Bottom 10 Countries that shows extreme numbers in comparison to the median for the world.
PLot 1: Global Unemployment Map – Regional Disparities
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Observations
Geographical Disparities: The map shows notable geographical differences in unemployment rates, especially in portions of the Middle East and Africa. High unemployment rates in nations like South Africa and Libya are indicative of persistent economic difficulties.
Orange Countries: Some countries are shown in orange, such as North Korea, Greenland, and a few others. Although it may not accurately reflect the actual unemployment situation, this color shows that they have been imputed to a steady unemployment rate (about 20%), which maintains visual consistency.
Low Unemployment Areas: On the other hand, a number of European and Asian nations have lower unemployment rates, which are frequently in the yellow and green regions of the color scale. This suggests that the labor market is more robust and that economic policies are working.
Missing Data Representation: Even in situations where specific data is not available, a comprehensive visual representation of global unemployment is ensured by the addition of specific colors for countries with missing data (such as the imputed rates for certain nations).
Implications for Policy: In order to address high unemployment in particular areas, the visual differences highlight the necessity of specialized economic strategies. For instance, nations with greater rates could need to spend money on measures for economic stabilization and employment development.
Conclusion
The global unemployment map (2014–2024) highlights the large regional differences in unemployment rates and identifies crucial areas that require economic measures. While lower unemployment rates in industrialized countries suggest better labor market management, high rates in places like Djibouti and South Africa imply serious socioeconomic problems.
Even though it’s not ideal, imputation of unemployment rates for nations with no data enables more thorough research and visualization. This map facilitates conversations about economic resilience and employment solutions relevant to national contexts, making it an essential tool for scholars and policymakers seeking to comprehend and manage global unemployment trends.
Insight 2: Time Series Analysis – Trends in Selected Countries
Observations
Brazil’s Volatility: Because of political and economic shifts, Brazil’s unemployment rates fluctuate a lot, reaching their highest points in 2016 and 2022.
Stability in Germany and the UK: Germany’s labor policies are effective, as seen by its low and stable unemployment rate. Brexit and the COVID-19 outbreak have caused minor swings in the UK’s rates.
India’s unemployment rate is gradually rising, indicating the need for focused actions as it reflects difficulties in creating jobs in the face of economic constraints.
Recovery in the USA: Following COVID-19, the USA had a noticeable uptick in 2020, which was followed by a steady improvement as the economy recovered.
-Comparative insights: While developing countries like Brazil and India confront more serious difficulties, developed countries like the UK and Germany maintain stability.
Conclusion
Key characteristics across a few chosen nations are highlighted in this analysis of unemployment trends from 2014 to 2024.Germany’s stable rates demonstrate good policy management, while Brazil’s volatility reflects political and economic instability. The USA’s recovery shows resiliency in the face of adversity, whereas India’s upward trajectory highlights the need for improved job development measures.
These findings imply that in order to successfully lower unemployment rates worldwide, individual labor market concerns must be addressed by customized economic strategies.
Insight 3: Top and Bottom 10 Countries – Extremes in Unemployment Rates
Observations
High Unemployment Rates in Africa: The greatest unemployment rates are seen in countries like Djibouti, South Africa, and Libya, which suggests serious economic difficulties that are probably caused by political unrest and poor economic management.
Middle Eastern Context: Sociopolitical unrest that impacts job availability is reflected in the high unemployment rate in the Palestinian Territories.
Comparative Stability: On the other hand, Cambodia has moderate unemployment rates that indicate potential for development, while Qatar maintains a low rate thanks to a strong economy fueled by gas and oil.
Policy Interventions Are Needed: To address fundamental problems, specific employment strategies like skill development and economic diversification are required, as evidenced by the high unemployment rates in Congo and Eswatini.
Global Median Context: While not at the extremes, nations like Madagascar and Benin nevertheless struggle to keep unemployment rates low, suggesting
Conclusion
- The examination of unemployment rates shows glaring differences between nations, emphasizing the urgent need for comprehensive policy solutions in areas where unemployment is consistently high. Lower-rate nations, like as Qatar, offer important insights into employment creation and economic management techniques that could be applied in areas with more severe difficulties. Resolving these problems is essential to promoting global economic growth and stability.
Summary
- This study examines worldwide unemployment statistics from 2014 to 2024, emphasizing patterns and regional differences. The worldwide average is used to fill in the missing data for a wide variety of nations covered by the study. A global map of unemployment rates, a time series for specific nations, and a bar chart showing the top and bottom 10 nations by average rate are some of the key visuals. The results show notable differences, with low unemployment rates maintained in nations like Qatar and high unemployment concentrated in regions of the Middle East and Africa. In order to address areas with high unemployment, the analysis highlights the necessity of specialized economic strategies.
References
Data_source - https://www.kaggle.com/datasets/sazidthe1/global-unemployment-data
International Labour Organization. (2024, April 19). Global unemployment rate set to increase in 2024 while growing social inequalities raise concerns, says ILO report. International Labour Organization. Retrieved from https://www.ilo.org/resource/news/global-unemployment-rate-set-increase-2024-while-growing-social
International Monetary Fund. (2012, February 1). Finance & Development | F&D. Finance & Development. Retrieved from https://www.imf.org/external/pubs/ft/fandd/basics/unemploy.html
Ventura, L. (2024, May 13). Unemployment rates around the world 2024. Global Finance Magazine. Retrieved from https://gfmag.com/data/economic-data/world-unemployment-rates/
United Nations. (2024, January 10). Global unemployment to increase in 2024, warns ILO report. UN News. Retrieved from https://news.un.org/en/story/2024/01/1145377
Picardo, E. (2024, September 19). How the Unemployment Rate Affects Everybody. Investopedia. Retrieved from https://www.investopedia.com/articles/economics/10/unemployment-rate-get-real.asp