Sep 12, 2024
By: Kapil Yadav
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Unemployment generally refers to the people who are not working but are actively seeking work. We often associate low unemployment rate with a wealthy nation, but this is not always the case. Here is a list of countries with the lowest unemployment rate based on the data by the International Monetary Fund (IMF).
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The unemployment rate in Thailand is 1.1% which is an impressive feat for a country. Also, Thailand is an export-oriented country with most of its exports in the form of manufactured goods.
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The unemployment rate in Andorra is 1.5% and this country’s economy relies heavily on tourism as it is the main source of income.
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Singapore is known for its pro-business nature and for being one of the most open economies around. These factors contribute to its low unemployment rate which stands at 1.9%.
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The economy of Macau is known for its gambling, tourism, and service industries, with its gambling industry being even bigger than Las Vegas’s. Here the unemployment rate is 2%.
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The rapid economic growth of Vietnam has changed its status from a poor to a middle-income country. This resulted in Vietnam’s low unemployment rate which stands at 2.1%.
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Switzerland is one of the top 10 economies in the world and this is reflected in their low unemployment rate which is just 2.3%.
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Japan’s economy has grown considerably after the Second World War, thanks to the rapid development of the manufacturing sector here. This contributes to the low unemployment rate of Japan which is 2.5%.
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Malta with a low unemployment rate of 2.5% is recognised as the most reputable financial services hub within the European Union (EU).
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The economy of the Czech Republic is an export-driven social market economy. The unemployment rate here stands at a respectable 2.6%.
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The key factors for Hong Kong’s low unemployment rate of just 2.8% include a free-market economy with low taxation and a robust banking system.
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