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Five year unemployment rate of China and Canada

   

Added on  2021-02-20

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TABLE OF CONTENTQuestion 1........................................................................................................................................1Five year trend and unemployment rate of China .......................................................................1Question 2........................................................................................................................................1Comparative analysis of unemployment rate of China and Canada ...........................................1Question 3........................................................................................................................................1Source of unemployment.............................................................................................................1REFERENCES................................................................................................................................2

Question 1Five year trend and unemployment rate of China According to the World Bank Statistics the unemployment rate of China is 4.4% of totallabour force (International Labour organisation, ILOSTAT database. Unemployment, total (% oftotal labor force) (Modelled ILO estimate China), 2019). In the last 5 years the unemploymentrate in China has remained nearly constant. There has been insignificant differences in theunemployment percentage. However it is assumed that vast technological changes, job losses invarious industries including manufacturing have affected the rates. Thus it is assumed thatseveral factors are not taken into account which could have otherwise brought considerablechanges in unemployment trends. The government campaigns to increase GDP has also one ofthe factor which has contributed in constant unemployment rate without increment in the last 5years. Question 2Comparative analysis of unemployment rate of China and Canada As compare to the China, unemployment rates are much higher in Canada. In 2018 theunemployment in Canada was 5.9%. If 5 year trends are observed in Canada then it is identifiedthat the country has improved its unemployment rate from the last year. However prior to 2018Canada has every higher rates of unemployment in comparison to China. The GDP and growthopportunities in Canada are proving to be more effective than China's population control basedeconomic development which is the main reason for this difference in unemployment rate(Canadian unemployment rate nears four decade low; story in Alberta not as rosy, 2019). Question 3Source of unemploymentHigher unemployment rates are result of several variety of reasons. For instance cyclicalunemployment is caused due to economic crisis as observed in 5 year trend of Canada. Anothersource is frictional unemployment which takes place as result of excessive time taken by workersto find new jobs while structural unemployment occurs when there is demand of specific type ofworkers. For instance in China technological advancements has caused huge laid off'scontributing to unemployment. 1

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