The Unemployment rate of Turkey attained a value of 12.10 % in 2021
The indicator recorded a historical change (bps difference) of 110 bps between 2018 to 2021, and is expected to decline by...
GlobalData projects the figure to change by 115 bps between 2022 and 2026, 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 Turkey
The unemployment rate in Turkey in 2021 stood at 12.1%. Between 2018-2021, the unemployment rate in Turkey was highest in 2019 at 13.7% and lowest in 2018 at 11%. The unemployment rate decreased by 8.1% on a year-on-year basis in 2021 and increased by 10.0% between 2018-2021.
Turkey’s unemployment rate was recorded at 12% in 2021, according to GlobalData. According to the Turkish Statistical Institute, the unemployment rate was estimated at 11.4% in Q1 2022, a 0.1% increase from the previous quarter. The unemployment rate was recorded at 10.2% for men and 13.7% for women, in Q1 2022.
Turkey has a high level of the youth unemployment rate
The youth unemployment rate (percentage of the total labor force aged between 15 and 24) is very high in Turkey. The unemployment rate in the EU increased after the 2008 financial crisis, but in most countries, the unemployment rate has decreased in recent years. Due to the outbreak of the COVID-19 pandemic, the youth unemployment rate peaked in Q1 2021 and reached 25.3%, according to the Turkish Statistical Institute. However, in Q1 2022, the youth unemployment rate was recorded at 21.1%, a 0.3% decrease as compared to Q4 2021 and a 4.2% decrease on an annual basis. However, the youth unemployment rate continues to remain high in Turkey.
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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