Virtually all of the world’s advanced economies have suffered some effects from the recession. Though unemployment is a problem all over the world, some countries have suffered a worse rate of unemployment than others.
Canada and the United States have both experienced massive job losses during the recession. The United States now has an unemployment rate of 9.5 percent and Canada has an unemployment rate of 8.4 percent.
Europe has also been hard hit by the recession, with some countries faring better than others in terms of unemployment. In Austria, there is 4.5 percent unemployment. In Belgium, there is 7.4 percent unemployment. France has an 8.8 percent unemployment rate. Germany’s unemployment rate is 8.3 percent. In Italy, the unemployment rate is 7.4 percent.
In Luxembourg, the unemployment rate is 6.1 percent. The Netherlands has a 4.4 unemployment rate. In Norway, the unemployment rate is 3.1 percent. Portugal’s unemployment rate is 8.9 percent. Spain has an extraordinarily high unemployment rate at 18.7 percent. Sweden has an unemployment rate of 8.9 percent. Switzerland maintains a low rate of unemployment at 3.5 percent. Israel has an unemployment rate of 7.6 percent.
Much of Asia has maintained a low unemployment rate despite the recession. Hong Kong’s rate of unemployment is 5.3 percent. In Japan, the unemployment rate is 5.2 percent. In Singapore, the unemployment rate is a low 3.2 percent. South Korea has an unemployment rate of 3.9 percent. The unemployment rate in Taiwan is 5.7 percent. The Australian unemployment rate is 5.7 percent. New Zealand has an unemployment rate of 5 percent.