Unemployment Rate And Unemployment Rate of Turkey

The Turkish economy is an economy defined by the International Monetary Fund(IMF) as an emerging market economy. Turkey is seen among the newly industrialized countries of the world.

The Turkish economy has survived as the fastest-growing economy in Europe, expanding by 9.2% in 2010 and 8.5% in 2011, becoming one of the fastest-growing economies in the world.

Unfortunately, Turkey is not very advanced in terms of the unemployment rate.

People who are not employed fall into one of two categories: (1) unemployed or (2) not in the labor force. To be considered unemployed, a person must be 16 years old or older, available for work, and have made specific efforts to find work during the previous 4 weeks. The unemployment rate is calculated by the formula:

Labor Force = Employed + Unemployed

Types of Unemployment:

When we consider the various costs of unemployment, it is useful to categorize unemployment into three types:

-Frictional unemployment

-Structural unemployment

-Cyclical unemployment

Frictional Unemployment: The portion of unemployment resulting from the normal turnover in the labor market, used to denote short-run job/skill-matching problems.

Structural Unemployment: The portion of unemployment that results from changes in the structure of the economy that result in a significant loss of jobs in certain industries.

Cyclical Unemployment: Unemployment that is above frictional plus structural unemployment.

Causes of Unemployment in Turkey

As a result of the research, it is possible to address unemployment in Turkey mainly for three reasons:

-Structural problems

-Labor cost

-Low productivity

Unemployment Rate: The ratio of the number of people unemployed to the total number of people in the labor force.

With these numbers, several ratios can be calculated. The unemployment rate is the ratio of the number of people unemployed to the total number of people in the labor force(employed+unemployed).

Below you can reach the unemployment rates of Turkey for the 3 years.