How does unemployment affects the Philippine economy?

Unemployment can result in debt and poverty, and the government has to take care of these people, hence welfare spending would also increase at the same time. In cases where unemployment is very high, there would be a budget deficit, due to a combination of the two, loss of tax revenue and increased welfare spending.

Why unemployment is considered as one of the major problems in the philippine economy?

Unemployment and underemployment are the Philippines’ most important problems and the key indicators of the weaknesses of the economy. … The social costs of this mass unemployment range from income losses to severe social and psychological problems resulting from not having a job and feeling insecure about the future.

How bad is unemployment in the Philippines?

The unemployment rate went down to 7.1% in March 2021, translating into some 3.44 million Filipinos with no jobs, the Philippine Statistics Authority (PSA) said on Thursday, May 6. … It is also the lowest unemployment rate since April 2020’s 17.7%, the highest ever on record.

What is unemployment in the Philippines?

The Philippines’ unemployment rate rose to 8.7% in April 2021, as the country resorted to lockdowns after failing to lower COVID-19 cases, latest figures from the Philippine Statistics Authority showed on Tuesday, June 8. … There were 43.27 million Filipinos employed, translating to an employment rate of 91.3%.

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What are the impacts of unemployment?

Effects of Unemployment

When unemployment rates are high and steady, there are negative impacts on the long-run economic growth. Unemployment wastes resources, generates redistributive pressures and distortions, increases poverty, limits labor mobility, and promotes social unrest and conflict.

What does unemployment do to the economy?

The unemployment rate is the proportion of unemployed persons in the labor force. Unemployment adversely affects the disposable income of families, erodes purchasing power, diminishes employee morale, and reduces an economy’s output.

Why is unemployment in the Philippines so high?

Causes of Unemployment in the Philippines

Unemployment in the Philippines is attributed to reasons including overpopulation, oversupply of labour force on certain industries and the inability to take on available jobs.

What is the most common job in the Philippines?

Here is a lists of the Top 10 Most Applied jobs here in the Philippines.

  1. Technical Support Staff. …
  2. Call Center Agents. …
  3. Customer Service Assistants. …
  4. Information Technology Specialists. …
  5. Production and factory workers. …
  6. Salesladies. …
  7. Sales Clerks. …
  8. Construction Laborers abroad.

What are the three causes of unemployment?

The following are the main causes of unemployment:

  • (i) Caste System: …
  • (ii) Slow Economic Growth: …
  • (iii) Increase in Population: …
  • (iv) Agriculture is a Seasonal Occupation: …
  • (v) Joint Family System: …
  • (vi) Fall of Cottage and Small industries: …
  • (vii) Slow Growth of Industrialisation: …
  • (ix) Causes of Under Employment:

Is unemployment is a serious problem of a country?

Unemployment is first and foremost an economic and social problem since it brings about costs for the unemployed as well as the society as a whole. Labor not used for production purposes means permanent output loss and decrease of consumption. … Hence, unemployment gets qualified as a serious personal and social issue.

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