Russia has experienced the least joblessness amongst the "G20" nations
G20 Unemployment Rates: South Africa Leads in Joblessness, While Others See Improvements
In a surprising turn of events, South Africa remains the only G20 country with an unemployment rate above 10%, as no other member nation has a rate lower than that of the African nation.
The latest figures show that South Africa's unemployment rate in the second quarter of the year rose to 33.2%, up from 32.9% in March. This represents a significant challenge for the country's economy, as it struggles to create jobs and alleviate poverty.
On the other hand, several G20 nations have seen improvements in their unemployment rates. Japan, for instance, has maintained a steady unemployment rate of 2.5% for two consecutive quarters. South Korea has also seen a decrease in its unemployment rate, falling from 2.9% to 2.6% over the past three months.
Brazil has experienced a notable decrease in its unemployment rate, with a drop of 1.2 percentage points. Turkey, however, has seen a slight increase, with an unemployment rate of 8.4% in the second quarter, up by 0.4 percentage points compared to the previous quarter.
Mexico, unfortunately, has experienced the largest increase in unemployment among G20 countries, with the rate rising to 2.7%.
Interestingly, Russia has the lowest unemployment rate among G20 countries, at 2.2%. There are plans under consideration in Russia to introduce a six-day workweek starting from 2024, which could potentially further reduce unemployment in the country.
India has also seen a decrease in its unemployment rate, with a drop of 2.3 percentage points.
The disparities in unemployment rates among G20 countries highlight the varying economic conditions and job market challenges faced by these nations. As the global economy continues to evolve, it will be interesting to see how these trends develop in the coming months.
