25 Jun 10

Macedonia Leads World Unemployment Study

Macedonia’s unemployment rate of 33.8 percent is the highest in the world, according to a study conducted by the well-known internet economic portal 24/7 Wall St.

Sinisa-Jakov Marusic

The internet portal listed the 15 nations with the highest unemployment in the world, and Macedonia ranks as the only country with over 30 per cent unemployment. It is followed by Armenia with 28.6 per cent, Algeria with 27.3 per cent and the West Bank and the Gaza Strip with 25.7 per cent.

Joining Macedonia from the Balkan region are Bosnia and Herzegovina, which takes fourth place with 23.4 per cent unemployment, and Croatia, which is ranked as number 13 with 14.8 percent unemployment.

"The first thing that is likely to strike the reader is that most of the nations with high unemployment rates have fairly young governments. They were, usually, either colonies of larger countries or provinces of existing nations that have gained independence," the portal notes.
It also adds that war-torn countries generally have higher unemployment rates because of ruined infrastructure and displaced population.

The portal gathered data from various sources, including the International Monetary Fund, the United Nation’s International Labour Organization, and the CIA World Factbook.

Macedonia gained its independence from former socialist Yugoslavia, SFRY in the early 1990s. The country’s industry, which at that time was largely oriented towards meeting the needs of the federal state, sustained a serious blow with the closing of markets. During the painful process of privatization that followed many state owned companies shut their doors permanently.

The 24/7 Wall St. survey did not include countries with populations less than two million.

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