The Unemployment rate of Switzerland attained a value of 4.10 % in 2023
The indicator recorded a historical change (bps difference) of 72 bps between 2020 to 2023, and is expected to decline by...
GlobalData projects the figure to change by 12 bps between 2024 and 2028, reaching...
Unemployment
Unemployed people are those that are actively looking for work but are having no luck. The unemployment rate is derived by dividing the total number of unemployed people by the total population of a certain region or workforce. It is one of the most important measures of a country's economic health.
Global Unemployment
The International Labour Organization estimates that by the end of 2021, the average regional unemployment rate will be 9.6%, down from the 10.6% it reached in 2020 but up from the 8% that was noted in 2019, which is used in this case as a benchmark to determine the impact of the pandemic's first two years.
The Organization for Economic Cooperation and Development (OECD) reported that the unemployment rate in OECD regions fell below the pre-pandemic rate when its February 2022 unemployment numbers were published in April 2022. Since this data series' inception in 2001, this is its lowest point. Additionally, the OECD region's unemployment rate decreased further, dropping by 0.7 million to 34.9 million people.
Unemployment Rate of Switzerland
The unemployment rate in Switzerland in 2021 stood at 5.2%. Between 2018-2021, the unemployment rate in Switzerland was highest in 2021 at 5.2% and lowest in 2019 at 4.4%. The unemployment rate increased by 8.3% on a year-on-year basis in 2021 and increased by 11.1% between 2018-2021.
According to the State Secretariat for Economic Affairs, the unemployment rate was recorded at 2.0% in June 2022, compared to 2.1% in the previous month. Around 92,511 unemployed individuals were registered with regional employment centers (RAV) by the end of June 2022, compared to 131,821 unemployed individuals in June 2021. According to GlobalData, the unemployment rate is forecast to decrease to 5% in 2022.
The government introduced relief measures in the form of unemployment claim disbursements to individuals and loan guarantees to affected businesses.
Factors that Cause Unemployment
Some of the key factors that affect unemployment in a nation are recession, government policies, geographic labor mobility, technological breakthroughs, the global economy, growing populations, and worker education, training, and skill development.
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