Unemployment is defined as people who want to work in society but cannot find a job. As the unemployment rate in a country is extremely important
, governments follow efforts to reduce the unemployment rate.
When we look at the countries around the world, it is possible to see that the unemployment rate is quite low in the countries that attract attention with their growing economies. Unemployment rate is one of the leading indicators of development and growth of a country.
Countries with the least unemployment
The low unemployment rate in a country means that the number of people looking for a job is low and the current employees are happier than the countries with high unemployment rates. The amount of unemployed in countries is the amount of adults who do not have a job in the economy in question and who cannot find work even though they want to work at the current wage level.
The unemployment rate in an economy refers to the share of the unemployed in the total labor force (employees + unemployed). Here are those countries on the list with unemployment rates.
Countries with the lowest unemployment rate
| Countries | Unemployment rate (percent) |
|---|---|
| Denmark | 5.8 |
| Australia | 5.6 |
| Austria | 5.5 |
| Luxembourg | 5.3 |
| Russia | 5.3 |
| Poland | 5.1 |
| Netherlands | 5.0 |
| New Zeland | 8.4 |
| Switzerland | 4.4 |
| İsrail | 4.4 |
| United States of America | 4.3 |
| Britain | 4.3 |
| Norway | 4.3 |
| Hungary | 4.3 |
| Germany | 3.8 |
| South Korea | 3.8 |
| Mexican | 3.5 |
| Czech Republic | 3.1 |
| Japan | 2.9 |
| Icelandic | 2.8 |
The country with the lowest unemployment rate
Iceland
, a small island country, has the lowest unemployment rate in the world with 2.8 unemployment rates. With the effect of being an island country, its economy is based on fishing and tourism. Weaving, meat factories, small shipyards contribute to the national economy.
Japan is the second country with the lowest unemployment rate (2.9 %) and the Czech Republic (3.1% ). Source:hurriyet.com
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