During Next 5 Years Unemployment Rate of Spain is Expected to Fall Gradually
During the next five years the Spanish unemployment rate will decrease slowly, but during the current decade it will be among the highest in developed economies and will remain more than 21% until at least 2019.
The International Labour Organization (ILO) predicts that Spanish unemployment rate will be 23.6% in 2015, 22.8% in 2016, 21.82% in 2017, 21.82% in 2018 and 21.19% in 2019.
In 2007, the unemployment rate was 8.4%. The unemployment rate is more than 20% since 2010. If forecasts of the ILO are confirmed, then the economy of Spain will complete a decade of unemployment rate of more than 20%.
As per the ILO, during the next 5 years, job prospects will worsen. Three million more people will be jobless in 2015 and 8 million more people will be jobless between 2016 and 2019 bringing the total number of jobless people in the world at about 212 million.
The United Nations agency warned that young people will particularly be affected because there were about 74 million people aged between 15 and 24 years of age searching for work in 2014, three times the adult unemployment rate.