This article will talk about the 10 countries with the highest unemployment rates. We have also analyzed how recent events have accelerated existing trends surrounding unemployment in the world in another article alongside a more extensive list. If you are interested in reading that, you can head straight to the list of 25 Countries with the Highest Unemployment Rates.
10. Somalia
Unemployment Rate: 20%
Being one of the least developed countries in Africa, the country needs more foreign investments, and unemployment continues to be a major concern for the nation due to lack of access to quality education.
9. Libya
Unemployment Rate: 20.7%
As per World Bank’s forecast, Libya’s unemployment rate reached the highest level in 2022, at 20.7%, whereas youth unemployment reached around 50%. The country has also faced political instability and humanitarian crises since the 2011 Libyan civil war.
8. Botswana
Unemployment Rate: 20.7%
Despite having a thriving economy in the World, Botswana continues to see a high unemployment rate of over 20%. Since the country mainly focuses on the mining sector, especially diamonds, the economy has struggled to focus on other sectors making economic diversification narrow and unemployment high. It is one of the countries with the highest unemployment rate.
7. Namibia
Unemployment Rate: 20.8%
With a GDP of worth $12.6 billion, over 50% of Namibia’s foreign earnings and 30% of its GDP are a result of the mining of Uranium. The main reasons for unemployment include increasing population and instability in economic growth.
6. Gabon
Unemployment Rate: 21.5%
Rich in natural resources, Gabon is the fourth largest oil producer in Sub-Saharan Africa. Despite stable economic growth and a GDP of $21.07 billion, unemployment remains mainly because of a lack of jobs in the private sector.
5. Republic of Congo
Unemployment Rate: 21.8%
The Republic of Congo is situated on the western coast of central Africa. Agricultural and Subsistence sectors are the economy’s main contributors to Congo. The country had a GDP of about $58.07 billion in 2022. It is one of the countries with the highest rates of unemployment.
4. Eswatini
Unemployment Rate: 24.4%
Eswatini, a landlocked country in South Africa, has a diverse economy with a GDP of $4.85 billion, constituting agriculture, mining, forestry, public services, and manufacturing; lack of job creation in the formal sector leads to high unemployment and poverty.
3. West Bank and Gaza
Unemployment Rate: 25.7%
With a GDP of $19.11 billion, the Palestinian territories continue suffering from economic hardship, widespread conflict and violence, and political instability. According to a report by IMF, the forecasted growth rate for 2023 is 3.5% and will eventually slow down to its potential rate of 2% due to the restrictions imposed by Israel on the movement of goods and people.
2. Djibouti
Unemployment Rate: 27.9%
Known for its strategic location at the mouth of the Red Sea, Djibouti has become a hub for trade. With a GDP of $3.5 billion, Djibouti is a barren country characterized by poverty and unemployment with little contribution towards industrial and agricultural sectors due to a lack of resources.
1. South Africa
Unemployment Rate: 29.8%
Even though South Africa’s economy is the second largest in Africa, with promising contributions in the industrial and technological sectors, the country’s unemployment rate has been measured above 20% for a while now. According to Research, the South African job market is restricted to few industries, leading to few new firms entering the market and eventually affecting job creation. Moreover, issues like property rights, corruption, and bureaucracy have caused a hindrance in the job market. It is the country with the highest rate of unemployment.
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