Of the major Asean economies, Indonesia (6.2%) and the Philippines (6.3%) have higher rates and only Singapore (1.7%) and Thailand (0.2%) do better. Thailand has one of lowest unemployment rates in the world, which a Thai central bank spokesman has attributed to the fact that “The agricultural sector absorbs labourers and those who can’t find work can always look for jobs in the informal sector or do something on their own.”
Unemployment among young people aged between 15 and 24 is particularly acute in parts of Europe and the Middle East where it is above 20% and higher than general unemployment rate. In Spain, it is a staggering 48.3%. In our country, 9.3% of those aged 20 to 24 but only 3.5% of those aged 25 to 29 who want to work are not employed.