Unemployment in Eu

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A report evaluating the Unemployment in EU with specific focus in the UK for the last 3-4 years. By Name Institution of Affiliation Introduction The 28-member European Union is the largest single market in the world trading power. Its economic policy seeks to enhance and sustain growth among member states, through investments in the transport, research and energy sectors. The union`s policy decision making structure is headed by the European Parliament, which acts as the legislature in collaboration with the union council. The parliament and the council review all the proposals made brought forth by the union`s Commission, from which they make amendments. Before the Commission proposes new initiatives such as how to counter…show more content…
This has attracted businesses and investments into the economy due to low borrowing costs and reduced savings. Inflation has reduced massively to 0.1% from 5.2% in 2011. Over a long period, the government has been spending more resources than its total earning which means that the government has to borrow to supplement its budget. Since the great financial shock of 2008 which saw the budget rise to about 6.9% of the GDP, the government borrowing was estimated at around £90 billion by April 2015. Figure 1 While compared to countries like France and Germany, the UK is performing quite well in terms of GDP. According to the World Bank, Germany had an estimated GDP of USD 3868 billion, while France had a GDP estimated at USD 2829 billion in 2015. In the UK, GDP is growing at 2.1%, Germany and France are growing at 1.6% and 0.2% respectively. Inflation in Germany has slowed to 0.1% in April, down from 0.3%, while France is deflating at 0.15%. Assessing the interest rates, both Germany and France are extremely low in the negative zone. Unemployment has remained the biggest challenge in the development of the European Union as a world strongest customs union, especially after the economic recession. The international labour organization defines an unemployed person as a person of working age (15-74) who has not worked for at least one hour during the reference week, has actively looked for a job for more than four weeks and is available to take up employment within two weeks.
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