The Unemployment rate of Canada attained a value of 6.18 % in 2024
The indicator recorded a historical change (bps difference) of 132 bps between 2021 to 2024, and is expected to decline by...
GlobalData projects the figure to change by 57 bps between 2025 and 2029, reaching...
Unemployment
Unemployment is a term used to describe people who are actively looking for work but are unable to find one. The unemployment rate is derived by dividing the total number of unemployed persons by the total number of people in a certain region or workforce. It is one of the most important markers of a country's economic health.
Global Unemployment
In 2020, the worldwide unemployment rate rose to 6.5%. The global unemployment rate increased by 33 million, reaching 220 million people in 2020.
According to the International Labour Organization, the global unemployment rate is expected to reach 5.7% in 2022, with more than 200 million people unemployed globally, which is more than the COVID-19 level.
Unemployment Rate of Canada
Between 2018-2021, the unemployment rate in Canada was highest in 2020, reaching 9.6%. The unemployment rate decreased from 5.8% in 2018 to 5.7% in 2019 but again increased in 2020. In 2020, the halt in various non-essential activities, particularly in the hospitality sector, led to massive job loss in March 2020.
Even though many job opportunities have revived since April–August 2020, there existed a high level of uncertainty among employers. With the ease of restrictions and support from the government, the unemployment rate decreased to 7.5% in 2021. With more job creation, the unemployment rate is further forecast to decline to 5.88% in 2022. Between 2018 to 2021, the unemployment rate in Canada increased by 29.31%. On a year-on-year basis, the unemployment rate decreased by 21.9% in 2021.
Factors that Cause Unemployment
Recession, government policies, geographical labor mobility, technological advancements, global economy, expanding population, and education, training, and skill development of workers are some of the primary elements that influence unemployment in a country.
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