A report issued by the “Platform for Unemployed Youth in Turkey” revealed that the unemployment rate among young people has increased to more than half a million during 2020.
The report was issued under the title “Unemployment and Employment for November 2019”, and was based on the information it provided on the data of the Government Statistics Institute and the Turkish Employment Agency.
The report indicated that the number of young people between the ages of 15 and 34 years who have been looking for work for more than a year has increased from 454,000 in 2019 to 541,000 in 2020.
The rate of increase in the number of young people in the age group 15-34 years who stated that they were looking for work for more than one year was 19% .
According to the report, the employment period for university graduates is getting longer, explaining that in 2019, 227 thousand university graduates said that they had been looking for a job for more than a year, while this number recorded 253 thousand in 2020.
On November 4, the Turkish Statistics Institute revealed the increasing number of unemployed in the country, amid deteriorating economic indicators and a stifling financial crisis. According to data from the Statistics Institute, the number of unemployed people in the country until last August reached about 4.19 million, with an unemployment rate of 13.2%.
The number of workers in the Turkish market decreased by more than 975 thousand to 27.5 million by the end of August 2020, compared to the same period of the previous year; The employment rate was 43.9%, down 2.4 percentage points.
The percentage of workers in Turkey without any social security reached 32.9%, down 3.2 percentage points year on year, while the rate of unregistered employment reached 20.6%. The youth unemployment rate in the 15-24 age group was 26.1%, while the youth employment rate was 31.1%.
The central bank’s total foreign exchange reserves decreased on November 6 by 3.172 billion dollars, to reach 41 billion and 914 million dollars, according to the weekly financial and banking statistics issued by the Turkish Central Bank.
The current account deficit of Turkey amounted to two billion dollars, 364 million dollars, last September, while it reached 27 billion and 539 million dollars, over a period of 12 months.
The Turkish lira has lost about 35% of its value against the dollar this year, after the monetary policies of Recep Erdogan’s regime failed to stop the currency drain.
The rate of decline increased after the Turkish central bank in October kept the main interest rate unchanged, contradicting analysts’ expectations, who expected a rate hike to control inflation and support the lira.
No comments:
Post a Comment