Philippines unemployment rate in 2018 is lower than neighboring countries

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Philippines unemployment and its neighboring countries
(Photo credit from AgrinationPH)

Philippines has the lower unemployment in 2018 compared to its neighboring countries like Indonesia, Vietnam, Malaysia and Thailand, reported by Word Bank.

Significantly, the data being compared across the unemployment rate of different countries, are composed mainly by youth unemployment that are 15-24 years old.

Moreover, the report stated by World Bank that young men and women today face increasing uncertainty in their hopes of undergoing a satisfactory transition in the labour market, and this uncertainty and disillusionment can, in turn, have damaging effects on individuals, communities, economies and society at large.

The presence of unemployment an underemployment translates that companies and countries are being hindered to innovate and increase competition. Thus, development may cause to lag as well.

Further, “unemployed or underemployed youth are less able to contribute effectively to national development and have fewer opportunities to exercise their rights as citizens”, stated by World Bank.

Source: Philippines has lower unemployment than neighbors

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144 shares, 3 points