2009-07-15 18:32:57 - By Dave Manuel
Andorra Currently Has The Lowest Unemployment Rate in the World
Most people are aware that the United States currently possesses an unemployment rate of almost 10% (9.5% to be exact, based on June 2009 numbers).
This figure is the "official" number that is published and used by the US government. The U-6 rate (which is an alternative means of measuring unemployment) is much higher, but that's a story for another day.
Throughout this global recession, tens of millions of jobs have been lost throughout the world.
As a matter of fact, the International Labor Organization recently estimated that there will be 239 million unemployed people throughout the world by the end of 2009. The ILO goes on to say that approximately 60 million people will have joined the ranks of the unemployed due to the recession.
Given this information, many people come to the conclusion that the United States has one of the lowest unemployment rates in the world.
This is completely untrue.
Did you know that there is a country that actually possesses a NEGATIVE unemployment rate? (figure that one out).
Did you know that seven countries throughout the world have an official unemployment rate of 1.5% or lower?
Andorra isn't that big (they have a population of less than 100,000), but they do have something that no other country in the world can boast of - a negative unemployment rate.
How does this happen?
The answer - practically every citizen of Andorra who wants a job has one, plus people from other countries work in Andorra as well.
Andorra is a tax haven that is located in Western Europe, and they also benefit from millions of tourists visiting their country every year.
Andorra is the only country in the world (as far as I know) that actually has a negative unemployment rate.
Monaco, according to the CIA, enjoys an unemployment rate of 0%.
Monaco is another tiny country that benefits from being a tax haven - the country has "no income tax and low business taxes", and is also popular with tourists.
The list of the top ten countries with the lowest unemployment rates currently looks like this:
1. Andorra <0%
2. Monaco 0%
3. Qatar 0.6%
4. Azerbaijan 0.8%
5. Guernsey 0.9%
6. Uzbekistan 0.9%
7. Thailand 1.2%
8. Faroe Islands 1.4%
9. Isle of Man 1.5%
10. Liechtenstein 1.5%
Now, some of this data is a year old, but it should still give you an idea of which countries have the lowest unemployment rates throughout the world.
Tomorrow? The countries with the highest unemployment rates. Trust me, it's ugly.
Source: CIA Fact Book
Filed under: General Knowledge
4 COMMENTS - What Say You?
Comment by Bret on April 30, 2011 @ 12:46 pm
The fact that you have most of these countries that have either royal principalities or forbid women to work, the numbers are a misleading. The whole idea of a tax haven is that it is basically a resort area where people gamble, set up shop for resorts and rich people take vacations...wholly unsustainable if they were large economies. Qatar is on the list simply because of oil and the fact that they fudge their numbers, who is a citizen who isn't, royals control everything etc...
bad bad bad article, poor "journalism"
Comment by Dave Manuel on April 30, 2011 @ 2:59 pm
How is this article "bad"? You may disagree with the numbers, but nothing changes the fact that these are the numbers that are currently being published by the CIA. If this were a "bad" article, then I would be lying or making facts up - this is not the case. Thanks for your feedback.
Comment by Andres Pereyda on May 12, 2011 @ 3:29 pm
i think there's something to be learned from those little countries. i don't know what it is, but there is something.
Comment by Sudhir! on December 08, 2012 @ 8:54 am
exactly! Its a nice article and trust me, these countries have a MUCH broader economy than many socalled large economies. The nanny state syndrom is whats ruining europe and the US.Just hark back to the days when the US had a low personal and corporate tax rate, thats whe unemployment was at its lowest and relative HDI highest.
really?All these countries are money snatchers and gambling dens? Guess what? That's the stereotype perpetrated and these natiosn play into it cause they don't give a damn.
Monaco has a smaller government percapita than the US and its only large government arm is the police force, which ensure a 0% crime rate!
The biggest employers are Retail, Construction, Services(someone has to service all those yachts the heidelberg group owns ;) Hail monegasque!) , green manufacturing(Watches, electronics and yacht building) and logistics.
The prohibitive land costs coupled with the world's highest wages means the native monegasque middle and working classes commute from France(where they live like royalty)to work in their country and return home!
BTW, their "heartless" ""prince"" felt this was too much trouble and has started a project of land reclamation to build more public housing for the native people.
Andorra,Switzerland and Lichtenstein have industries and LARGE manufacturing sectors compared to GDP.Something big countries can take note of!
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