AfricaNewsPoliticsSouth Africa beats Nigeria to the top spot of countries with the highest unemployment rate

South Africa is currently sitting at the number one position in the list of countries with the highest unemployment rate globally.

According to World of Statistics, 32.7 per cent of the South African population is unemployed – the highest in the world.

World of Statistics is a global network of nearly 2,360 organisations worldwide committed to providing up-to-date information on statistically related events and activities worldwide.

The report has Spain and Turkey in second and third place with 13.26 per cent and ten per cent unemployment rates, respectively.

With 8.8 per cent, 7.8 per cent, and 7.8 per cent, Brazil, Italy and India occupy the fourth, fifth and sixth positions respectively.

Singapore has the lowest rate of unemployment as 1.8 per cent of the Asian country’s population is unemployed, the report says.

Although tax advisory firm, KPMG Nigeria had decried the unemployment rate in the country and projected that the unemployment rate will hit 40.6 per cent as compared to 2022’s 37.7 per cent, Nigeria did not make the top ten countries with the highest unemployment rate.

In its April 11, 2023, report, KPMG forecasted thus: “Unemployment is expected to continue to be a major challenge in 2023 due to the limited investment by the private sector, low industrialisation, and slower-than-required economic growth and consequently the inability of the economy to absorb the 4-5 million new entrants into the Nigerian job market every year.”

By Ezinwanne Onwuka (Senior Reporter)

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