Turkey’s Jobless Rate at 10-Month High
World Economy

Turkey’s Jobless Rate at 10-Month High

Turkey’s unemployment rate rose to a 10-month high of 10.8% in December 2015 from 10.5% in the previous month, data from the Turkish Statistics Agency (TUIK) showed on March 15. The rate was 10.9% in December 2014, according to official data.
Analysts expect the unemployment rate to continue to rise, as many Syrian refugees are set to join the labor force and Turkey’s GDP growth is not fast enough to create sufficient jobs, Anadolu Agency reported.
Number of unemployed people aged 15 years and over was 3.2 million in December 2015, an increase of 59,000 compared to the same period of the previous year. In the same period, non-agricultural unemployment rate was 12.7%—a decrease of 0.2 percentage point.
“Our concerns had focused on the negative effect of the refugee crisis and the huge increase in the minimum wage ... We will see the real negative impacts of the minimum wage increase in 2016 data. This will limit the employment increase and also increase unrecorded employment,” said ALB Securities analyst Enver Erkan.
Erkan said the country’s youth unemployment shows some improvement “but we think that this was caused by the decline of youth participation in the labor force.
“We expect 3.3% GDP growth for the fourth quarter of 2015, which is not enough to pull unemployment down. The unemployment rate is on an upward trend and this will continue in 2016,” he added.
Turkey’s youth unemployment rate decreased by one percentage point to 19.2% in the last month of 2015 compared to the same month of the previous year.

 Urgent Reform Needed
The employment rate rose slightly throughout the year to 45.4% in the last month of 2015 compared to the same month of the previous year, according to official data. Turkey’s labor force participation rate rose by 0.7 percentage points in December year-on-year, to 50.9%.
“Despite creating more than 800,000 jobs in 2015, unemployment rate remains high due to the rising working age population and the labor participation rate,” Deputy Prime Minister Mehmet Simsek tweeted after the TUIK data was announced.
SimSek added that “job reforms” cannot be delayed now.

Short URL : http://goo.gl/gK0z8L
  1. http://goo.gl/n9vGkV
  • http://goo.gl/Sl7IBv
  • http://goo.gl/jP10vY
  • http://goo.gl/HFqwWy
  • http://goo.gl/gq9BB8

You can also read ...

The World Bank forecasts Russia's economy will grow by 1.7% this year and next, and by 1.8% in 2019.
The economy in Europe and Central Asia will grow 2.2% in 2017...
Participants pose for a family photo during the opening ceremony of D8 Organization for Economic Cooperation Summit in Istanbul on Oct. 20.
Turkey's Foreign Minister Mevlut Cavusoglu on Thursday said...
Digital Changes to Better Shape Asean Economy
Member states of Asean must be ready to embrace technological...
US Unfreezes Sudan Bank A/Cs
The United States has unfrozen bank accounts in Sudan after...
40% Italian Youth Remain Jobless
Italy's budding economic recovery is leaving at least one key...
Italy Q3 Growth at 0.5%
Italy’s economic growth improved slightly in the third quarter...
GM Closure Ends Australia’s Car Manufacturing Industry
Australia’s near 100-year automotive industry ended on Friday...
Despite intensifying property curbs and higher mortgage rates, Chinese banks issued $664.70 billion of property loans in the first nine months of this year.
China's central bank governor has warned the country's...