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Increasing amount on the Unemployment rate in the Philippines
As the economist defined the word unemployment, it is an economic condition that wherein individuals seeking for jobs that remain unhired. It is also expressed as a percentage of the total available work force. Wherein the level of unemployment varies with economic condition and other circumstances.
In this article wrote by Fernando Fajardo, he talks about why the Philippines our country has a big amount of unemployment rate: the first one is the global recession, meaning because our unemployment was already high there is no way that the global recession could do to make it much higher. The second one is that our neighbor countrys just like Vietnam, Thailand, Malaysia, Indonesia and Singapore has a lower amount of unemployment rate the reason is that the failure to attract more investments and resulting to inability to grow as fast as our neighbors aconomically.
Thus, employment opportunities associated with the modern economy, mostly services and manufacturing are concentrated in a few urban centers. The country's high rate of population growth results in large additions to the labor force each year in an economy with a high rate of unemployment and even higher underemploymeny. The shortage of employment opportunities has resulted in large-scale migration of Filipino workers, both sophisticated professionals and unskilled workers to countries such as United States and Malaysia. Approximately there are 6 million Filipinos who work abroad. Many of them send a portion of their earnings to relatives in the Philippines, infusing the economy with a significant source of foreign exchange.
Economist have described the 4 causes of unemployment as FRICTIONAL, SEASONAL, STRUCTURAL, and CYCLICAL.
* Frictional unemployment arises because workers seeking jobs do not find them immediately; while looking for work they are counted as unemployed.
* Seasonal unemployment occurs when industries have a slow season, such as construction and other outdoor work in winter. It also occurs at the end of the school year in June, when large numbers of students and graduates look for work.
* Structural unemployment arises from an imbalance between the kinds of workers wanted by employers and the kinds of workers looking for jobs. The imbalances may be caused by inadequacy in skills, location, or personal characteristics.
*Cyclical unemployment results from a general lack of demand for labor. When the business cycle turns downward, demand for goods and services drops; consequently workers are laid off.
However, the effect of it is generally known everywhere in the means of procedure where people search for job and they cant find it is called unemployment. The outcome of so called UNEMPLOYMENT has lead to many things in the modern world, unemployed people are the people with low standard of living, it only exist in wee country in today modern world where the government we share of remunerate that are unemployed. The people surfing today's world are people that have search for job and they did not get it or the illiteracy ones .
As I situate myself as one of the unemployed worker, in the society in which most of the people can earn a living only by working for others, being unable to find a job is a serious problem. Because of its human cost in deprivation and a feeling of rejection and personal failure; the extent of unemployment is widely used as a measure of worker's welfare. The propotion of workers unemployed also show how well a nation's human resources are used and serve as an index of economic activity.
grade: 88%
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