Despite the current economic crisis which has engulfed the entire globe, rattling even the sturdiest economies, Turkey continues to leave developed nations in their wake in terms of growth, the GDP rate of public debt and the current account deficit and now also with unemployment figures. While the current account deficit ratio in comparison to Turkey's national income is at 2.3%, this rate in England is at 10.4%, in the USA it is 10.2%, in Japan 9.2% and in France at the seven percentile level.
The 42.2% outstanding public debt ration with GDP is at 85.1%, which is a much better outlook than EU averages. While the Euro zone continues to struggle with the debt crisis, the unemployment rate is at ten percent. In the United States, also facing a debt crisis, the unemployment rate is at 9.1%, the same rate seen in Turkey. In other words, while the United States and Europe have seen increases in the unemployment rate since August of 2008, when the crisis had not yet imploded, in Turkey despite the economic crisis, unemployment rates are now lower than the period when the economy was strong, thereby displaying a better performance than developed economies.
A 56.65% DROP
When looking at figures from August, 2008 when the crisis first reared its ugly head, we can clearly see the success Turkey has achieved in the state's efforts to drop the unemployment rate.
In August, 2008 the European Union's unemployment rate was at the 7.1% level, whereas in the U.S. the figure was at 6.1%. During the same period, Turkey's unemployment rate was at the 10.2% level. However over the past three years countries in the European Union and the United States, considered to be developed and strong economies, have witnessed a dramatic increase in unemployment. With the improvement of developing macroeconomic figures in Turkey, unemployment also saw a significant drop. To the point where the February 2009 unemployment rate which had hiked up to the 16.1 percent level, has dropped by 43.48 percent to the 9.1 percentile level where it is today.
UNEMPLOYMENT AMONGST YOUTH DROPPING
Turkey's unemployment rate for the June-July-August period has dropped by 1.5 points in comparison to the same period last year and was realized at 9.1%, the lowest level reached in six and a half years. According to figures released by the Turkish Statistics Institute, the unemployment rate excluding agriculture has dropped from 13.6% to 11% percent during the same period. The labor force rate has risen from 50 percent to 51.2%. The unemployment rate amongst the youth for the July period has dropped from 19.5% to 18.3%.
Our unemployment rate is lower than 12 European countries.
July Unemployment Rates by Country(%)
Czech Republic 6.8
South Korea 3.3