European unemployment : North South rift.
Unemployment in the euro zone hit 12 percent in February, its highest level since the creation of the euro, according to data released on Tuesday by Eurostat. There is a pronounced difference in unemployment rates between the North and South of the Eurozone's seventeen members.
Source : https://www.marocafrik.com/english/European-unempl...
In the the euro bloc 19.7 million are unemployed ,however there is a pronounced difference between the North which is generally more stable and the South which is experiencing extreme unemployment difficulties, as the German magazine Spiegel reports.
Whilst Austria, Germany and Luxembourg have under 6 per cent unemployment Greece and Spain have over 26 per cent each and Portugal is 17.5 percent. Youth unemployment is particulalry high with well over 50 per cent in Greece and Spain with Portugal and Italy just under 40 per cent. Whilst Germany has 7.7 youth unemployment the Eurozone average is 23.9 per cent.
The article raises the question of the Eurozone's global economic competivity as its growth rate is still contracting and China and the US are both posting higher growth figures. As thousands of jobs go in Cyprus following the bail out deal, questions are mounting as to whether austerity policies are working .
Whilst Austria, Germany and Luxembourg have under 6 per cent unemployment Greece and Spain have over 26 per cent each and Portugal is 17.5 percent. Youth unemployment is particulalry high with well over 50 per cent in Greece and Spain with Portugal and Italy just under 40 per cent. Whilst Germany has 7.7 youth unemployment the Eurozone average is 23.9 per cent.
The article raises the question of the Eurozone's global economic competivity as its growth rate is still contracting and China and the US are both posting higher growth figures. As thousands of jobs go in Cyprus following the bail out deal, questions are mounting as to whether austerity policies are working .
Source : https://www.marocafrik.com/english/European-unempl...