Because I it does not account for disguised unemployment, which has been quite high at times and also extremely prevalent; and (ii) it does not account for discouraged employees, who in Cuba (and elsewhere) are often excluded from open unemployment. 2.
The Unemployment Rate in Cuba – including current statistics, historical data, and charts – was last updated in February of 2022. By the end of 2021, the unemployment rate in Cuba is predicted to have reached 3.50 percent, based on projections from Trading Economics’ global macro models and experts’ estimates.
As the majority of people are aware, Cuba does not operate under a capitalist economic structure. Because the country is communist or socialism, the vast majority of its citizens work for the government and earn modest monetary wages, but the government also provides for them in a variety of other ways, according to the facts.
We may take a look at some of the additional advantages that the ordinary Cuban has access to. Cuba’s water quality is considered to be among the finest in the world by the World Health Organization, and the country’s residents’ nutrition, health, and life expectancy are also considered to be among the best in the world.
Cuba’s unemployment rate for 2019 was 1.67 percent, representing a 0.03 percent decrease over the previous year.
The production of the economy increases during periods of expansion, boosting the demand for labor and, as a result, lowering the unemployment rate. Similarly, during periods of contraction, output decreases, resulting in the necessity for enterprises to lay off staff, hence increasing the unemployment rate.
From 1991 to 2020, the unemployment rate in Cuba averaged 4.24 percent, with a peak of 9.70 percent in 1991 and a record low of 1.20 percent in 2019. The unemployment rate in Cuba reached an all-time high of 9.70 percent in 1991 and a record low of 1.20 percent in 2019.
Around 26 percent of Cuba’s population, or 11.2 million people, live in poverty, according to official figures from 2016. Castro has implemented a number of reforms during the previous five years in an effort to narrow wealth disparities.
Cuba’s economy is a command economy with a mix of private and public sectors that is dominated by state-owned firms. The majority of the labor force is employed by the government of the country. Following the collapse of the Soviet Union in 1991, the Communist Party of Cuba, which was in power at the time, fostered the development of worker co-operatives and the practice of self-employment.
Equipment, food, and petroleum goods account for the vast majority of Cuba’s imports, while refined fuels, sugar, tobacco, nickel, and medicines account for the vast majority of its exports.
Sugarcane is Cuba’s most important crop and most valuable product; raw sugar is the country’s first export, followed by distilled alcohol (which is created from sugar) and refined sugar (which is the country’s fourth). Honey, coffee, and, to a lesser extent, juice concentrate make out the top 10 most valued export items on the country’s list.
Job seekers in Egypt face six major obstacles, including: 1) a lack of information about the reality of labour markets; 2) high costs of job searching; 3) complexities of job searching; 4) a lack of information for youth about the quality of the job; 5) poor matching between job seekers and employers; and 6) a lack of training and education opportunities.
Burkina Faso has the world’s highest unemployment rate in 2017, at 77 percent, according to the International Labor Organization.