06.Oct .2020 17:10

Georgia has the Third Highest Unemployment Rate among its Neighbors

Georgia has the Third Highest Unemployment Rate among its Neighbors
views 297
Back

The economic damage from the global pandemic is visible in almost every country of the world, where the businesses have gone dark. Albeit, the performance of countries is still dissimilar in this regard, as some countries are facing a soar of unemployment and others manage to have rather modest impact. With 19.80% the Republic of Armenia has shown the highest unemployment rate among the bordering countries of Georgia. The Russian Federation has the lowest jobless rate. The figure stood at 6.17 % in Jun 2020.

With the lowest unemployment rate, RF is followed by the Republic of Azerbaijan. A country of over 10.07 million populations has 6.46 % jobless rate as of Jun 2020. Out of its 3.7 million citizens, labor force of Georgia has counted 1 919.8 thousand people in Q2 of 2020. The number of Georgia’s jobless population stood at 235.9 thousand persons, or 12.3%. Turkey, which has 14.30 % of jobless rate in Jun 2020, has the fourth highest rate of our study. Labor force participation rate of the Republic of Armenia has dropped to 56.10 % in Mar 2020. Incidence of unemployment in the country reached 19.80 %, which is the highest percentage among the countries of our survey.
Despite current trends of unemployment rate, BM.GE has searched for a record high and a record low, as well as an average rate of jobless figures per each country.

Russia's unemployment rate is available from Jan 1994, with an average rate of 7.09 %. The data reached an all-time high of 14.66 % in Feb 1999 and a record low of 4.31 % in Aug 2019.

Available from Mar 2008, average jobless rate of Azerbaijan is 5.03 %. The data reached an all-time high of 6.46 % in Jun 2020 and a record low of 4.81 % in Sep 2015.

Incidence of unemployment of Georgia is available from Dec 1991, with an average rate of 13.51 %. The data reached an all-time high of 18.30 % in Dec 2009 and a record low of 0.20 % in Dec 1991.

Turkish Statistical Institute makes unemployment data available from Jan 2005, with an average rate of 10.05 %. The data reached an all-time high of 14.30 % in Jun 2020 and a record low of 8.00 % in Jun 2012.

Armenia's unemployment rate is updated quarterly, available from Mar 2008, with an average rate of 17.70 %. The data reached an all-time high of 21.10 % in Mar 2019 and a record low of 14.70 % in Dec 2008.

The economy of Georgia is closely related to its neighboring countries, including the volume of FDI, trade and remittances. Any fluctuations on the markets of neighbor states is of significant importance for Georgia, since it directly carries impact over our economy. An increased unemployment rate in the region will also affect Georgian emigrants that are one of the main contributors to Georgian economy.

The data studied in our article is provided by CEIC Data, which publishes data insights into more than 200 economies based on official sources of the countries.
Georgia has the Third Highest Unemployment Rate among its Neighbors

The economic damage from the global pandemic is visible in almost every country of the world, where the businesses have gone dark. Albeit, the performance of countries is still dissimilar in this regard, as some countries are facing a soar of unemployment and others manage to have rather modest impact. With 19.80% the Republic of Armenia has shown the highest unemployment rate among the bordering countries of Georgia. The Russian Federation has the lowest jobless rate. The figure stood at 6.17 % in Jun 2020.

With the lowest unemployment rate, RF is followed by the Republic of Azerbaijan. A country of over 10.07 million populations has 6.46 % jobless rate as of Jun 2020. Out of its 3.7 million citizens, labor force of Georgia has counted 1 919.8 thousand people in Q2 of 2020. The number of Georgia’s jobless population stood at 235.9 thousand persons, or 12.3%.

Turkey, which has 14.30 % of jobless rate in Jun 2020, has the fourth highest rate of our study. Labor force participation rate of the Republic of Armenia has dropped to 56.10 % in Mar 2020. Incidence of unemployment in the country reached 19.80 %, which is the highest percentage among the countries of our survey.

Despite current trends of unemployment rate, BM.GE has searched for a record high and a record low, as well as an average rate of jobless figures per each country.

Russia's unemployment rate is available from Jan 1994, with an average rate of 7.09 %. The data reached an all-time high of 14.66 % in Feb 1999 and a record low of 4.31 % in Aug 2019.

Available from Mar 2008, average jobless rate of Azerbaijan is 5.03 %. The data reached an all-time high of 6.46 % in Jun 2020 and a record low of 4.81 % in Sep 2015.

Incidence of unemployment of Georgia is available from Dec 1991, with an average rate of 13.51 %. The data reached an all-time high of 18.30 % in Dec 2009 and a record low of 0.20 % in Dec 1991.

Turkish Statistical Institute makes unemployment data available from Jan 2005, with an average rate of 10.05 %. The data reached an all-time high of 14.30 % in Jun 2020 and a record low of 8.00 % in Jun 2012.

Armenia's unemployment rate is updated quarterly, available from Mar 2008, with an average rate of 17.70 %. The data reached an all-time high of 21.10 % in Mar 2019 and a record low of 14.70 % in Dec 2008.

The economy of Georgia is closely related to its neighboring countries, including the volume of FDI, trade and remittances.ა Any fluctuations on the markets of neighbor states is of significant importance for Georgia, since it directly carries impact over our economy. An increased unemployment rate in the region will also affect Georgian emigrants that are one of the main contributors to Georgian economy.

The data studied in our article is provided by CEIC Data, which publishes data insights into more than 200 economies based on official sources of the countries.