Unemployment and underemployment differ significantly between rich and poor countries. For instance, there are higher levels of unemployment and underemployment in poor countries. Poor countries have struggling economies and this means that there are few skilled workers in these countries to help in sustaining their economies (Wagner, 2000). Most people in poor countries do not have the experience required in certain jobs. While the number of people who attain education has been on the rise in many poor countries, these countries still struggle with getting highly-skilled workers to help in driving their economies. Also, there are few job opportunities in most poor countries despite the increase in the number of educated people and this means that these individuals spend several years searching for jobs or taking jobs that do not match their skills. The difference in the economies of poor and rich countries plays an important role in the unemployment and underemployment gaps between them.
Unemployment and Underemployment Exists in Rich Countries
For rich countries, unemployment and underemployment exist; however, they are at lower levels compared to poor countries. Rich nations usually focus on economic growth as this has an important role to play in increasing employment opportunities (Wagner, 2000). These countries have placed various economic policies that are focused on empowering individuals who have attained skills in various fields. While unemployment is still a reality in rich countries, it is at lower levels compared to poor countries. Underemployment also exists in rich countries just as poor countries, but it is lower. A significant number of fresh graduates in rich countries are forced to take low-wage jobs due to lack of experience. Therefore, it is evident that while unemployment and underemployment exist in rich countries, they are at lower levels compared to poor countries.
References
Wagner, H. (2000). Globalization and Unemployment. Berlin, Heidelberg: Springer Berlin Heidelberg.
