The rising unemployment rate is one of the major problems of not only the developing economies but even the powerful and developed economies such as that of the United States of America seem to be dealing with this problem. However, in the light of all this, we have some of the countries which have maintained a healthy rate of employment since a long time. In this article, we list down the top 10 countries with the highest employment rate in the world.
When we say employment rate, we mean the proportion of those employed when compared to the population that belongs to the working age. The working-age definition and meaning vary from one source to another. While the Organization for Economic Co-operation and Development use 15 to 64 age group as the working population, the office of National Statistics takes the working population to be between 16 to 64 years of age.
The following is the list:
The first country on the list for the highest employment rates in the world is Norway. Over the years, the average employment rate in the country has been around 68.52 percent. The period under consideration is from 1988 to 2017. In 2016, the employment rate of those who were between the age of 15 years to 64 years was 74.4 percent, which is one of the highest amongst the world countries.
With the best employment rate being 75.30 percent in the last quarter of the previous year, the European country sure deserves a place in the list of the top ten countries with the best employment rate in the world. The rate of employment averages somewhere around 68.58 percent between 1992 to 2017. As per the National Statistics Organization, the current employment rate in Germany is 74.6 percent.
The employment rate in the first quarter of 2017 of the country which was formerly known as Holland was reported to be around 75.10 percent, while the average rate from the year 1992 to 2017 has been reported to be somewhere around 72.25 percent, making it the eighth best country in the world as far as the employment rates are concerned. In 2016, as per the OECD, the employment rate in Netherlands was 74.8 percent.
Next on the list is the Scandinavian country of Denmark. It has long been known that this country has one of the lowest rates of unemployment in the world. Almost the entire population who is working and is willing to work seems to be working in Denmark. With an average employment rate of somewhere around 65.66 percent in between the years 2007 to 2017, Denmark sure deserves a place on this list. In 2016, as per the OECD, the employment rate in Denmark was 74.9 percent.
The most populous country in the world has a decent employment rate which gives it the sixth spot in the list of top 10 countries with the highest employment rates. China is also one of the most powerful economies of the world and the high rate of employment in the country is a major contributor to its growing economy.The population of China which lies in between 15 years to 64 years of age has an employment rate of nearly 75 percent. In fact, the highest figure when it comes to the number of people employed in China reached in the year 2016 with the number of people who were employed in the Asian country was somewhere around 77603 tens of thousands.
5. United Kingdom
In between the years 1971 to the year 2017, the employment rate in the United Kingdom averaged somewhere around 71.10 percent. In the month of June 2017, the rate of employment in the British country was somewhere around 75.30 percent. The lowest unemployment rate in the country had once been almost around 3.4 percent. If you consider the people lying somewhere in between the age of 16 years to 64 years, the rate of employment in the United Kingdom is 75.3 percent as of the year 2016. The data is provided by the office for National Statistics.
4. New Zealand
With an employment rate of around 75.6 percent in 2016, New Zealand stands fourth in our list of top 10 countries with the highest employment rate in the world. The average employment rate in the country in between the years 1986 to 2017 is around 62.35 percent. However, it has been reported that the employment rate in the country is on the decline in recent years. It has further been estimated that the employment rate in New Zealand in the year 2020 will decrease to be somewhere around 65.01 percent and the average rate might even fall to 66.05 percent.
With an unemployment average rate being somewhere around 5.94 percent in the years 1980 to 2017, the Scandinavian country of Sweden is amongst the top countries which have a high rate of employment in the world. In fact, the lowest unemployment rate recorded in the country has been a mere 1.3 percent which was in the year 1989. In the year 2016, as per the OECD, the rate of employment for all those who fall in between the age range of 15 years to 64 years was 76.2 percent in the year 2016 as per the latest data by Organization for Economic Co-operation and Development.
Another country which surely deserves a place in the list of top 10 countries with the highest employment rates in the world is the European country of Switzerland. As per the latest data circulated by the Organization for Economic Co-operation and Development, the employment rate in this beautiful country was somewhere close to 80 percent in the year 2016. Many experts have often tried to study the reasons for the low rate of unemployment in this country. Some explain that the nature of the majority of the jobs in the country is permanent. Similarly, there are other theories which show that unemployment rate was kept low as the government tried to send back the immigrants if they tried to take the job of other local within the country. In fact, the unemployment rate in the country has always been on the lower side. It averaged somewhere around 3.3 percent in between the years 1995 till 2017.
Iceland has long been known to have the highest rate of employment not only in Europe but the whole of India. The lowest employment rate in this European country has been somewhere around 73.5 percent in the year 2011. Like in the other countries, in Iceland the employment rate is measured as the percentage of the total population who has a job when you compare it to the total population who belongs to the working age. As per the Organization for Economic Co-operation and Development, in 2016 the employment rate was 86.3 percent for the age range belonging from 15 years to 64 years.
The above are the top 10 countries which have consistently recorded the highest rates of employment through all the years and will continue to do so as per the latest reports!