Get Full Essay Get access to this section to get all help you need with your essay and educational issues. Get Access Effects of Unemployment to the Philippine Economy Essay Sample As a result of the global economic crisis, which drastically cut our exports and slowed down our OFW overseas Filipino workers remittances, Philippine economic growth in GDP gross domestic product terms which was registered at 7. Despite the slowing down of the domestic economy, however, Philippine unemployment rate remained at almost the same level as it was before the current crisis.
Essay writing service - About essay Causes and Effects of Unemployment — Academic paper sample Unemployment is a setback in many countries, as many citizens are willing to work, at the current labor market, but cannot secure employment.
Economic experts identified the causes and effects of unemployment in an effort to try and solve the problem. Causes of unemployment The main cause of unemployment in many countries is competition in the labor market, as there are few employment opportunities.
This leads to a situation where for every available opportunity, there are more than one qualified individuals. This means that when one gets employment, others will lack employment.
Currently increased technology shifts production from labor intensive to capital intensive. When these machines replace workers, they lack employment hence contributes to unemployment. Effects of unemployment Unemployment causes social and economic effects, which turn out to be a problem to society.
The poverty index among the unemployed is high since these individuals do not have a source of income. On the social front, it increases illegal means of earning livelihoods. In a place where unemployment is on the rise, such a country has high cases of robberies, gambling, prostitution and bribery.
This is a reason why unemployment contributes to social insecurities. Unemployment leads to loss of resources, and especially human resources. Unemployed individuals are unproductive, which means the economy does not utilize their production abilities.
In such an economy growth of different economic sectors will be slow. These sectors and especially the tertiary sector do not get enough funding as the available funds are not sufficient to finance the sector.
In such an economy, the rate of self-employment is low since they do not save money; hence there is little capital available for investments. High unemployment rate makes many employers pay less for labor.
In such an economy, value of labor is less than it should be since employers will want to take advantage of the unemployed.Jun 29, · Unemployment affects the unemployed individual and his family, not only with respect to income, but also with respect to health and mortality.
Moreover, the effects linger for decades. The effects. The three main causes of unemployment are economic conditions, new technology, and increasing populations.
Economic conditions are the main factor in unemployment.
The economic crash caused unemployment to rise dramatically, and the same has been true of every economic slump throughout history. Psychological Effects of Unemployment and Underemployment The current state of the economy continues to be an enormous stressor for Americans, with 78 percent reporting money as a significant source of stress (APA, ).
11/18/ Suleyman Causes and Effects of Unemployment Unemployment rate is the litmus paper of a country’s economy, security and its overall production force. The more unemployment rate increases the more consumption rate decreases. Effects of unemployment. Unemployment has very many effects on different sectors of the economies.
The effects of unemployment on different sectors of the economy are connected since the sectors are also connected in one way or another. There are a number of causes of unemployment, but many economists put most unemployment in three different categories: frictional, cyclical, and structural unemployment.
A number of unemployment reasons fall into these categories. The effects of unemployment can be both personal and national.