The Unemployment Of Venezuela 's Unemployment Essay
Venezuela’s unemployment rate is considered to be the highest in South America as of 2015. As the sixth largest company in South America, Venezuela is known for being one of the world’s leading producer in petroleum, manufacturing, gems and precious metals. Over the last three years, Venezuela’s overall lack of economic growth and government actions internationally seem to have some form of responsibility to its current state. Venezuela currently has an estimate of 14.09 percent unemployment rate compared to United States unemployment rate of 5.2 percent in the year 2015. This number of unemployed citizens has nearly doubled for Venezuela from the year of 2014, when their unemployment rate was at 7.99 percent (Actualitix, 2016). The situation in Venezuela is going from bad to worse, and its citizens are desperate for a change of leadership in order to survive the declining economy.
One cause of unemployment in Venezuela is the labor market. There is either not enough jobs or there are not enough skilled individuals to handle the required jobs. Because of the government spending and fiscal shortfalls of Venezuela’s leadership, its citizen’s day-to-day lives have been affected, education has not been a top priority. Everyday there are roughly 30% - 40% percent of the Venezuelan teachers that do not show up to teach their students because they are making the decisions based on teaching or standing in long lines to receive food or medicine from…