Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Eurozone Unemployment Expected To Continue To Rise

ByBenzinga
AuthorBenzinga
Published 07/23/2013, 08:33 AM
Updated 05/14/2017, 06:45 AM

The euro traded steadily at $1.32 on Tuesday morning after a Group of 20 meeting at which eurozone finance ministers promised to put economic growth ahead of austerity moving forward.

The news was welcome in the struggling southern European nations where the populations have become disillusioned as they face rising unemployment figures. According to Reuters, the struggle is far from over as economists are expecting the jobless figures in both Spain and Greece to climb above 27 percent and will continue to plague the nations well into 2015.

Currently, the unemployment rate for the entire eurozone region is 12.2 percent, which is equivalent to more than 19.3 million people. Youth unemployment is also at an all time high which has earned young people ages 18-25 the nickname “the lost generation”.

Many have attributed the rising unemployment to strict austerity measures which were enacted as part of bailout programs forced on struggling eurozone members.

Without any stimulus measures, jobless rates have skyrocketed and the region has struggled to return to economic growth. Now, with a new, more accommodative stance, the eurozone is expected to start its come back over the next few years. Although European Central Bank President Mario Draghi claimed the region would begin to show signs of recovery by the end of this year, many economists don't see sickly countries like Portugal and Spain showing any improvement until 2014 at the earliest.

Ireland seems to be the only country which received a bailout that is making any progress. Despite falling into recession at the beginning of 2013, the nation has shown modest economic growth for the past two years.

BY Laura Brodbeck

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.