The Unemployment rate of Argentina attained a value of 7.35 % in 2023
The indicator recorded a historical change (bps difference) of 420 bps between 2020 to 2023, and is expected to decline by...
GlobalData projects the figure to change by 4 bps between 2024 and 2028, reaching...
Unemployment
Unemployment is a term used to describe people who are actively looking for work but are unable to find one. The unemployment rate is derived by dividing the total number of unemployed persons by the total number of people in a certain region or workforce. It is one of the most important markers of a country's economic health.
Global Unemployment
As per the International Labour Organization, the average regional unemployment rate at the end of 2021 has been estimated at 9.6%, which represents an improvement from the 10.6% it reached in 2020, but a setback compared to the 8% that was recorded for 2019, which in this case is used as a reference to calculate the impact of two years of the pandemic.
According to the Organization for Economic Cooperation and Development (OECD), April 2022 published its February 2022 unemployment figures: the unemployment rate in the OECD areas dropped below the pre-pandemic rate. This is the lowest level since the start of this data series in 2001. The number of unemployed workers in the OECD area also continued to fall, reaching 34.9 million, 0.7 million below its pre-pandemic level.
Unemployment Rate of Argentina
The unemployment rate in Argentina in 2021 stood at 9.9%. Between 2018-2021, the unemployment rate in Argentina was highest in 2020 at 11.5% and lowest in 2018 at 9.3%. The unemployment rate decreased by 13.5% on a year-on-year basis in 2021 and increased by 7.4% between 2018-2021.
With the easing of COVID-19 restrictions, the unemployment rate dropped to 8.2% in Q3 2021, according to INDEC national statistics bureau. GlobalData forecasts the unemployment rate to decline to 9.2% in 2022.
According to INDEC Argentina, the unemployment rate fell to 8.2% in Q3 2021, compared to 9.6% in Q2 2021 and 10.2% in Q1 2021, due to growth in the private sector. Moreover, as per the INDEC, people unwilling to work stood at 15.4 million, (53.3%) of its population in Q3 2021.
Rising youth unemployment rate In Argentina
GlobalData witnessed, that the unemployment rate for people aged between 15 and 24 increased to 27.7% in 2020 from 25.9% in 2019 amid the COVID-19 pandemic. Due to economic contraction in 2020, joblessness is set to worsen.
Factors that Cause Unemployment
Recession, government policies, geographical labor mobility, technological advancements, global economy, expanding population, and education, training, and skill development of workers are some of the primary elements that influence unemployment in a country.
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