The global crisis has resulted in creating a completely new category in unemployment: long-term unemployment. As the rate of unemployment continues to rise, especially in Euro Zone nations, the number of individuals considered to be in the long-term unemployment (jobless for more than 12 months) category is also on the incline.
In nations included in the Organisation for Economic Cooperation and Development (OECD), the rate of long-term unemployment has risen by 30.8 percent since the final quarter of 2007, when the crisis first began. There are a small sampling of just ten countries that have managed to turn this trend around and have shown declining rates in this category and Turkey is one of them.
FOR US THE DECLINE IS 7.3%
In Turkey, the rate of individuals who have been faced with long-term unemployment has dropped by 7.3% compared to figures from the final quarter of 2007. Accordingly, long-term unemployment has declined from 28.1 % to 22.6%. While long-term unemployment rates have dropped by a rate of under ten percent in Belgium, Holland, Poland and Turkey. In Germany and the Czech Republic, the rate of decline in long-term unemployment is into the double-digits.
GERMANY TAKES THE LEAD
Finland has seen the highest regression at 21.6% in the nation's long-term unemployment rate over the past six years. Germany is in third with a relative decline of 19.4%, however the country has managed to take the top spot in terms of dropping the long-term unemployment rate the fastest by 10.8 %.
The average long-term unemployment rate amongst OECD nations has hit a historical high at 35.3%. A total 17 million people have been jobless for over 12 months in the 34 OECD nations. In 2007, this figure was at 8.6 million. In other words, it has since doubled.
There has been a serious rise in long-term unemployment in nations most affected by the global crisis. Slovakia is the leader with a rise of 70.7%. Greece is also in the top in this category with an increase of 65.5%. In Ireland, the rate of increase in long-term unemployment is 59%, followed by Portugal at 56.1% and Spain at 49.3%.
This is a translation of an article originally written by Barış Ergin.