Is unemployment in the Philippines high?
MANILA – The Philippines recorded its lowest unemployment rate since April 2020 at 6.9 percent in July this year. The Philippine Statistics Authority (PSA) reported Tuesday that July 2021’s unemployment rate declined from 7.7 percent in June 2021.
What was the main cause of unemployment?
Inadequate availability of means of production is the main cause of under employment. People do not get employment for the whole year due to shortage of electricity, coal and raw materials.
How does unemployment affects the Philippine economy?
Unemployment can result in debt and poverty, and the government has to take care of these people, hence welfare spending would also increase at the same time. In cases where unemployment is very high, there would be a budget deficit, due to a combination of the two, loss of tax revenue and increased welfare spending.
Why is unemployment a serious problem in the Philippines?
Unemployment and underemployment are the Philippines’ most important problems and the key indicators of the weaknesses of the economy. … The social costs of this mass unemployment range from income losses to severe social and psychological problems resulting from not having a job and feeling insecure about the future.
What are the effects of unemployment?
The personal and social costs of unemployment include severe financial hardship and poverty, debt, homelessness and housing stress, family tensions and breakdown, boredom, alienation, shame and stigma, increased social isolation, crime, erosion of confidence and self-esteem, the atrophying of work skills and ill-health …
What is the effect of increasing unemployment rate?
Effects of Unemployment
When unemployment rates are high and steady, there are negative impacts on the long-run economic growth. Unemployment wastes resources, generates redistributive pressures and distortions, increases poverty, limits labor mobility, and promotes social unrest and conflict.
What is the main reason for high unemployment in developing countries?
The causes of high rate of unemployment are lack of education, lack of capital, lack of proper skill, Poverty, and High rate of population growth in Pakistan.