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Introduction
1. Unemployment has become a significant societal concern around the globe today.
People require work to sustain their lifestyle and be capable of supporting feed and
clothing their family.
2. Employment in today's society is complicated by the financial assistance provided by
the government states. Because of the Corona virus's continued spread in particular
locations, most people are scared of going out and working.
3. This paper discusses how the world has been impacted by unemployment, for example,
the Covid-19 crisis and how the government has taken measures to contain this big
concern.
Causes Leading to Unemployment
1. Unemployment is caused by a variety of elements and causes that are related to the
economy. Some of the causes result from individual choices, while others are beyond
the individuals' control.
2. It is a fact to say that Covid-19 has had a significant impact on global economics. Some
local fast-food restaurants are forced to close later because of a lack of workers, which
impacts the local economy and communities. As Corona Virus spread around the globe,
economic activity fell, first as individuals altered their behavior and subsequently as
authorities' lockdowns were implemented to contain the diseas.
3. The other reason for unemployment is the recession. A recession is characterized by a
reduction in the Gross Domestic Product (GDP) of an economy, the unemployment
rate, as well as the level of market activity. The outcome of inflation is that individuals
cannot afford the goods and services given by the economy, resulting in a recession.
4. Another factor is the evolution of technology. Many firms are being forced to diversify
and improve the efficacy of their personnel as a result of the rapid advancement of
technology. Those of the technology used in the manufacturing process substitute
persons, such as some previously carried out manually but are now carried out using
technology.
5. Inflation is the other factor to consider. Generally speaking, inflation refers to a gradual
increase in the cost of goods and services across an economy. Inflationary pressures on
the economy are one of the primary causes of unemployment. The outcome of inflation
is a reduction in market volatility by economies that are not able to compete with other
people's efforts as a result of growing costs.
6. Another consideration is the employee's worth. When it comes to their employment,
employees put in an excellent secondary effort and dedication, yet their managers
usually fail to recognize and appreciate their efforts. Because of this, employees may
experience a lack of motivation, which may lead to their quitting their jobs with the
company they work for.
The Consequences of Unemployment
1. The most significant consequence is a reduction in income. Individuals out of work
have lost their revenue source and means of supporting themselves. Many employed
induvial deploy their earnings to get mortgages as well as some sort of financial
assistance.
2. Unemployment is a contributing factor to political instability. When most of a country's
population is unemployed, people develop adversarial personalities as life becomes
tougher. These...