HRO Today May 2020 - 44
HRO Today Research
WORLDWIDE UNEMPLOYMENT SNAPSHOT: 4Q - 2019
NORWAY
FINLAND
UNITED
KINGDOM
CANADA
IRELAND
SWEDEN
DENMARK
NETHERLANDS
GERMANY
BELGIUM
FRANCE
UNITED STATES OF AMERICA
PORTUGAL
SPAIN
SWITZERLAND
ITALY
TURKEY
GREECE
ISRAEL
EGYPT
MEXICO
SAUDI ARABIA
UNITED ARAB
EMIRATES
KUWAIT
QATAR
INDIA
HONG KONG
BANGLADESH
VIETNAM
PHILIPPINES
THAILAND
MALAYSIA
COLOMBIA
SINGAPORE
PERU
BRAZIL
INDONESIA
TAIWAN
CHINA
SOUTH KOREA
JAPAN
POLAND
AUSTRIA
KAZAKHSTAN
RUSSIA
AUSTRALIA
CHILE
ARGENTINA
SOUTH AFRICA
0 - 3.9%
4.0 - 4.9%
5.0 - 9.9%
Note: Only those countries included in the Worldwide Unemployment Snapshot in this report are shown.
10.0 - 14.9%
15.0 % and above
(not included)
percentage points to 16.5 percent. Conversely, South
Africa's unemployment rate increased the most on a yearover-year
basis, up 2.0 percentage points to 29.1 percent.
© 2020 SharedXpertise
The United Kingdom has the second largest economy
in Europe at $2.8 trillion dollars. In the fourth quarter,
Brexit uncertainty weighed on the UK economy as
manufacturing and services output weakened. Despite
the weak economic data, the unemployment rate
dropped slightly from 4.0 percent in the fourth quarter
of 2018 to 3.8 percent in the fourth quarter of 2019. In
2020, the economy is expected to grow slightly, boosted
by the expansionary fiscal stance of the UK government.
However, FocusEconomics reports that trade talks with
the European Union could pose as a downside risk.
The Middle East and North Africa region is expected to
recover in 2020 following a weak 2019. Slowing economic
decline in Iran and an expected recovery in oil output
could help prospects in 2020, reports FocusEconomics.
Egypt, the largest country in the in the region, had the
largest drop in unemployment since last year, down 1.1
percent to 7.8 percent. No country in the region had
an unemployment rate increase since 2018, with three
countries reporting consistent unemployment rates and
[44]
HRO TODAY MAGAZINE | MAY 2020
GLOBAL LABOR MARKET REPORT 4Q 2019
three countries reporting an unemployment rate decrease.
Latin America
In the fourth quarter of 2019, Latin America's largest
economy, Brazil, reported a drop in its unemployment
rate, down 0.6 percent from 2018 to 11.0 percent, the
lowest level since March of 2016. Economic activity
increased within the quarter, boosted by greater
domestic demand led by growth in consumer spending.
Nonetheless, exports declined as demand from China
and Argentina softened. In 2020, FocusEconomics cites
that growth is set to hit a five-year high as high economic
sentiment and accommodative monetary policy boost
consumer spending and investment.
Mexico is the second largest country in the region,
both by GDP and population. Economic growth slowed
in the fourth quarter as the manufacturing and the
construction industry slumped from a weak third quarter.
To view the entire report, sponsored by Orion Novotus, an Orion
Talent company, visit HROToday.com.
http://www.HROToday.com
HRO Today May 2020
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