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Unemployment is defined as the proportion of the labor force that is without job but is available for and seeking employment. Unemployment is measured as a percentage of the labor force. Cuba’s unemployment rate for 2020 was 3.87 percent, representing a 2.2 percent rise over the previous year. Cuba’s unemployment rate for 2019 was 1.67 percent, representing a 0.03 percent decrease over the previous year.
Cuba’s official unemployment rate (ONEI) has remained consistently low in compared to other nations, notably all of those in Latin America, for many years. This has been linked to authorities that are keen to demonstrate strong economic success, particularly in the social sector, and have cheated in the past.
Since the mid-1970s, the population of children aged 0-14 years has been continuously falling. Because of this, there are fewer newcomers to the Cuban labor, which is one of the factors contributing to the country’s lower unemployment rate. Because the government promotes work opportunities, unemployment in Cuba is quite low.
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. According to our econometric models, the Cuban Unemployment Rate is expected to trend around 3.00 percent in 2022 and 2.20 percent in 2023 over the long run, with a peak in 2022 and a low in 2023.
According to Trading Economics’ global macro models and analysts’ forecasts, the unemployment rate in Cuba is predicted to reach 3.50 percent by the end of 2021. According to our econometric models, the unemployment rate in Cuba is expected to trend around 3.00 percent in 2022 and 2.20 percent in 2023 over the long run.
The Cuban government maintains a national health system and is responsible for the monetary and administrative aspects of providing health care to all of the country’s residents. There are no private hospitals or clinics in the country because all health services are provided by the government.
The socialist economy of Cuba is mostly planned, with around 88 percent of the country’s workers employed in state-owned firms as of December 2017. 1 Because Cuba does not have a stock exchange, it is difficult to determine whether or not the country has a capital-free economy.
Burkina Faso has the world’s highest unemployment rate in 2017, at 77 percent, according to the International Labor Organization. This indicates that out of every 100 members of the workforce, 77 were unemployed at the time of the survey’s administration.
From as low as 1 percent during World War I to as high as 25 percent during the Great Depression, the unemployment rate has fluctuated significantly throughout time. Recent highs have included 10.8 percent in November 1982 and 14.7 percent in April 2020, both of which were remarkable highs.