Different studies and expert analysis on economics have discovered the various reasons as well as effects that unemployment has caused and have made effort to resolve some of the problems the irregular recover in economy as well as downward successive review in the growth of economy and projections has made substantial impact on the situation of employment on global scale. Unemployment causes widespread poverty, increased crime rates, political instability, exploitation of labor and reduced economic development in the society unemployment may also lead to psychological problems, such as mental illness, anxiety and depression. The impact is of high unemployment is seen in the difficulty in finding mid level jobs the fact is that minimum wage level jobs are adequate but not considered as gainful employment of the majority of the workforce (anderson, 2006) moreover, the effects of unemployment are social, too, not just economic.
The menace of unemployment is geometrically increasing and the effects falls heavily on the economic development of this nation (nigeria) to address this situation, this study is poised to evaluate the causes, effects and possibly, proffer the way forward in tackling the problems of unemployment in nigeria. The impact of unemployment on economic growth in nigeria (1970-2010) abstract the term unemployment can be defined as an economics condition marked by the fact that individual actively seeking jobs remain unhired unemployment is expressed as a percentage of the total available work force. There are policies that help to contain the effect of unemployment considering that some of the causes can be handled with some of the economic policies however the choice of the policy has to be analyzed carefully to produce relevant result. Unemployment, if it is high enough, can have many impacts on society these impacts can be economic, but they can also be seen in areas like crime and the family.
Read this article to learn about bad effects of unemployment on economic growth unemployment is a big problem which effects the economic growth of the country it has following bad effects. High youth unemployment has a negative impact on economic growth and productivity that can’t be ignored there is a risk of loss of talent and skills, since a great amount of university graduates are unable to find a job and put their knowledge and capabilities into producing innovation and contributing to economic growth. Nwankwo (2013), identifies unemployment as one of the major challenges confronting the nigeria-economic development the menace of unemployment in nigeria both now and in the recent past has been an issue of great concern to the economists, policy makers, economic managers, individuals, government and many others (bello, 2003. Apart from the social unrest and disgruntlement that unemployment can produce in the electorate, high unemployment can have a self-perpetuating negative impact on businesses and the economic health of the country.
The menace of unemployment is geometrically increasing and the effects falls heavily on the economic development of this nation (nigeria) to address this situation, this study is poised to evaluate the causes, effects. Home unfavorable international economic and political situation, economic growth rate due to oscillations, armed conﬂ ict, embargo promote policies adversely affect economic relations aimed at import - export, damaging economic activities in countries of the region and contributing to high unemployment. Apart from the social unrest and disgruntlement that unemployment can produce in the electorate, high unemployment can have a self-perpetuating negative impact on businesses and the economic.
How does unemployment influence and affect economic growth follow upvote report question comments (0) register to answer this question to then address the question of the effects and influence of unemployment in economic growth, we have to look at all the factors of production, their application, utilization and the levels of utilization. The impact of unemployment on economic growth in nigeria (1970-2010) abstract the term unemployment can be defined as an economics condition marked by the fact that individual actively seeking jobs remain unhired. Read this article to learn about bad effects of unemployment on economic growth unemployment is a big problem which effects the economic growth of the country.
An historic 1967 paper on the relationship between unemployment and economic output by yale economist arthur okun, concluded that even a 1-percent increase in unemployment reduced the us gdp (gross domestic product) by 2 percent, which has a multiplier effect of more than 100 percent. At the same time, those governments are no longer collecting the same levels of income tax as before - forcing the government to borrow money (which defers the costs and impacts of unemployment into the future) or cut back on other spending (perhaps exacerbating the bad economic situation.
Unemployment and economic growth are dependent on one another in many ways, and oftentimes unemployment leads to slower economic growth unemployment is countercyclical, meaning that it increases with low economic growth and decreases when the economy begins to grow. Here are some aspects of the impact of unemployment on our society: the effect of unemployment on our society unemployment affects not just the person himself but also his/her family and in the long run the society where he lives career development ⇩. Unemployment means being out of job or a situation where the individual is wiling to work but has none this article brings and discusses the main issues/effects of the unemployment on our society and economy. The study was designed to investigate the impact of unemployment on economics growth in nigeria of 41 years (1970-2010) the research focuses on determining the cause and impacts of unemployment, and how the problem of unemployment in nigeria will be reduced, to a minimal level or even eradicated.