Unemployment means people that are willing or those who are currently available for work are not employed. It basically means the condition of being jobless. It is important for people to work because it provides them with income which they require so that they can fulfill their basic needs and also those of their families as well. More than 150 million people around the world are unemployed.
Economy
Unemployment is not only an issue in the developing countries but also in developed countries as well. There are many factors that lead to unemployment which has many negative effects on both the people and the economy. But there are a number of things that can be done to dramatically decrease unemployment rates around the world.
One of the causes for the increase in unemployment rates is when the economy slows down. This causes a decrease in the demands of the economy which causes organizations and companies to reduce their workforce because the companies are gaining less profit and as a result, they are not able to pay their workers.
Many companies require people with a decent amount of experience and skill to work for them. Students who have freshly graduated from their studies do not have prior work experience and skill that can make them eligible for many job positions and as a result, they remain unemployed.
Another reason for unemployment is because of the technological advancements have we have achieved. Due to different technologies and equipment, many jobs in various industries have become automated which means that they can work without the requiring any assistance from humans. Artificial Intelligence has made many huge developments and it is estimated that many jobs in the future will be carried out by computers and robots.
Unemployment can substantially hurt the economy because when people are unemployed, they have no source of income which forces them to spend small amounts of money. When people do not spend money, it decreases the demand and supply which in turn affects the economy.
Lack of employment also causes stress and depression among people and can also lead to other life threatening diseases. It results in the poor overall health of the unemployed individuals. Many people have committed suicide because they are not able to provide for their families. Due to unemployment, many people resort to earn money illegally by getting involved in criminal activities as they need a source of income so that they can feed their families, pay their bills and rents, and other costs because if they do not have any money then they lose their homes and will be forced to live on the streets.
There are many ways to decrease the unemployment rates like increasing employment opportunities, providing fresh graduates with jobs, controlling the population growth, and increasing the demand and supply of the economy which will lead to more job openings.
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