Countries With The Lowest Unemployment Rates
These countries have the lowest unemployment rate in the world.
Unemployment is that individuals over a certain age are not self-employed or paid employment. ILO (International Labor Organization) claimed that more than 5% of the world’s total workforce was unemployed in 2018. The unemployment rate represents the number of unemployed individuals as a percentage of the region’s workforce. Economists use unemployment to determine the health of a particular economy. A low unemployment rate means that a region’s economy maximizes output while raising living standards and increasing wages. Some of the countries with the lowest unemployment rate in the world:
10. Qatar – 0.14%
Besides being the most developed Arab country for human development, Qatar had the lowest unemployment rate in the world in 2019. The unemployment rate in Qatar has been below 0.15% since 2016. Qatar has the highest per capita income in the world and is recognized by the United Nations to be a very high human development country. Qatar has been a high income economy since 1987. Its economy is supported by one of the largest oil reserves and natural gas reserves on the planet. The discovery of oil in 1940 helped change the country’s economy and made it possible for the government to invest in various industries that are still developing. The gas and oil industry has helped the government create new employment centers. As the Qatar economy diversifies, new employment opportunities are created in all sectors.
9. Niger – 0.26%
Niger is a developing country, ranked one hundred and eighty-ninth in the UN HDI (Human Development Index) in 2018. The Niger economy is supported by livestock, subsistence farming and the largest uranium deposits. The Niger economy has been affected by desertification, drought circles, and the decline in uranium demand. The country’s unemployment rate rose from 1.47% in 2000 to 3.1% in 2005. However, the country was entitled to improved debt relief from the IMF in 2000. Aid has reduced the country’s debt payment obligations, so more funds have been released to spend on various programs that can help alleviate poverty and invest in rural infrastructures. Niger received 100% debt relief in 2005, which enabled the government to invest in more infrastructure and reduce the unemployment rate. Niger’s unemployment rate drops from 2005 (3.1%) to 2019 (0.26%). Countries With The Lowest Unemployment Rates,Which country has most unemployment?,What country has the highest unemployment rate 2019?,Which EU country has lowest unemployment rate?,What city has the lowest unemployment rate?,What is the United States unemployment rate right now?,What state has the worst unemployment rate?,What is the least visited country in Europe?,Why is European unemployment so high?,Which country has the highest youth population?,Is 0 Unemployment possible?,What race is the most unemployed in America?,Which country has the highest unemployment rate 2020,What is the highest unemployment rate in history?,What country has the highest unemployment rate in Europe?,
What is the global unemployment rate 2020?
8. Lao PDR – 0.57%
Apart from being the only landlocked state in Southeast Asia, Laos had the third lowest unemployment rate in the world. From 1991 to 2019, Laos’ unemployment rate was an average of 1.35%, with an all-time low of 0.57% and record 2.6% (1995) in 2019. The country’s economy depends on trade and the investments of its neighbors China, Vietnam and Thailand. The country’s unemployment rate drops to 0.8% in 2009. The decline is the result of investments in neighbors and the US abolishing the trade ban. President Obama’s management lifted the ban and made it possible for Laotian companies to receive financing from the American Export-Import Bank.
7. Thailand – 0.69%
In addition to being the world’s twenty second most populous state, Thailand had the lowest fourth unemployment rate in the world in 2019. Thailand has the second highest economy in Southeast Asia and is considered a rising economy. Thailand is a new industrialized state with a GDP of $ 1,236 trillion in 2017. Some of the factors that contribute to Thailand’s low unemployment rate include the informal sector, employing more than 64% of the workforce and low birth rate. There is no unemployment insurance in Thailand; therefore there is no urge for anyone to be unemployed for a long time. Everyone who loses his job enters the informal sector.
6. Bahrain – 0.97%
Apart from the third smallest Asian country, Bahrain has one of the lowest unemployment rates on the planet. Bahrain was the first state to develop a post-oil economy in the region. Although Bahrain’s oil is almost dry, the country still depends on its tourism and international banking sectors. Bahrain has invested heavily in the tourism and banking sectors over the past few years. Currently, most of the largest financial companies in the world have branches in Bahrain called the operating capital of the Persian Gulf.
5. Rwanda – 0.99%
Besides being one of the smallest African countries, Rwanda had the second lowest unemployment rate in Africa in 2019. Rwanda’s economy was greatly affected by the 1994 genocide; but since then its economy has improved. GDP per capita in Rwanda increased from $ 416 (1994) to $ 2,090 in 2017. The 1994 genocide made it impossible for the country to receive foreign investment, but after President Kagame took over in 2000, the country’s economy improved and the level of corruption dropped. The political stability in the country has enabled the growth of the informal sector, which has a significant percentage of the workforce.
4. Tonga – 1.02%
Tonga is an archipelago and Polynesian sovereign country, consisting of more than 169 islands, where only 36 islands live. Tonga is a constitutional monarchy, a British state of protection in the past. Tonga’s economy is characterized by a large non-monetary industry based on the currencies of its working population, especially in the United States, New Zealand and Australia. Since over 50% of the Tonga population lives and works abroad, it has a low unemployment rate.
3. Cambodia – 1.02%
Although Cambodia is seen by the United Nations as one of the least developed countries on the planet, Cambodia has one of the lowest unemployment rates in the world. The country’s economy has grown by an average of 7.6% over the past decade. Its per capita income was $ 1,309 per nominal person and $ 4,022 in PPP. According to the ILO, Cambodia’s unemployment rate is low, as more than 80% of the population work in the informal sector.
2. Nepal – 1.25%
Apart from having one of the lowest unemployment rates in the world, Nepal had the thirty-seventh seventh workforce on the planet in 2017. The country’s unemployment rate fell from 1.26% (2018) to 1.25% (2019). Although Nepal has very large industries, more than 70% of the population is in the informal sector.
1. Afghanistan – 1.52%
Although high levels of corruption, child malnutrition, poverty and terrorism, Afghanistan has one of the lowest unemployment rates in the world. Agriculture is the country’s leading sector, with opium making up more than 16% of the country’s economy. The Afghan economy has been affected by political unrest for a very long time, but it is currently developing. The main factor contributing to economic growth and reducing unemployment rate is the return of more than 5 million expats. Foreign students provided funding to create wealth and their businesses in the country with them. Currently, a significant percentage of the locals are in the construction industry. Various factories and companies operating in Afghanistan helped them create new jobs.
Countries With The Lowest Unemployment Rates
|3||Lao PDR||0.57 %|
|17||Solomon Islands||1.79 %|
|26||Papua New Guinea||2.37 %|
|29||Cote d’Ivoire||2.44 %|
|30||Czech Republic||2.47 %|
|32||United Arab Emirates||2.64 %|
|34||Trinidad and Tobago||2.81 %|
|44||North Korea||3.30 %|