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Compare the Economies - Essay Example
1. Indicate the countries chosen (they should be countries other than Hong Kong and Singapore since these have already been addressed, and the economic concern which have been researched for this assignment.
Apart from being classified as developing or "third world" countries, both Vietnam and the Philippines belong to the list of nations having the highest population below the poverty line (Nationmaster)…
Examining unemployment levels is one important way of looking at the reason behind the reported high poverty levels in a country. The unemployment level for this purpose shall refer to the number of non-working (and therefore unproductive) individuals who are of working age (usually 15 years old and above). The number of people in a given population without jobs indicates the type of labor force the country has. Unemployment rates may invoke questions such as "Why aren't there enough jobs for everyone of working age" "Are there not enough business enterprises or investments in the country that contribute to job creation" or "If there are available jobs, why aren't the people employed" "Do people choose not to work at all" or "Are there issues in literacy and education as well" In addition, trends in unemployment levels may indicate how a country is progressing in terms of its growth and development. Since Vietnam and the Philippines are still in their developing stages, the unemployment level could be an important indicator of how well and how fast they are achieving their development goals. In summary, a country's unemployment rate may provide a lot of insights on its economic growth and development.
High unemployment rates could only mean two things: ...