Lagos, Aug. 2O23 – Nigeria has the highest rate of unemployment in the world, according to the World of Statistics.
The report, published on World of Statistics’ official Twitter handle, said Nigeria recorded the highest unemployment rate of 33.3 per cent.
It listed South Africa as the second, coming after Nigeria with a 32.9 per cent, while Qatar has the lowest unemployment rate of 0.1 per cent.
The World of Statistics defined unemployment rate as the percentage of unemployed workers out of the labour force in a country.
Unemployment rate includes workers who currently do not work, although they can do so.
“For 2021, the global unemployment rate is estimated to be between 6.3-6.5%, depending upon the source.
“The unemployment rate is a lagging indicator, meaning it responds (rises and falls) to changing economic conditions rather than influencing or predicting them.
“When the economy grows at a healthy rate, the job market is plentiful and the unemployment rate drops.
“When the economy is experiencing a recession or other turbulence, the job market tends to retract and the unemployment rate rises in response,” the publication reported. (GBN)
