The NBS stated that the total number of people in full-time employment at least 40 hours a week declined from It stated that the unemployment rate increased from The number of people with the labour force who were in unemployment or underemployment increased from It stated that total unemployment and underemployment combined increased from
In following two decades however, GDP per capita in Iraq dropped substantially because of multiple wars, namely the war with Iran, the Gulf War. At the outbreak of the war, Iraq had amassed an estimated 35 billion in foreign exchange reserves. After the initial destruction of the war, oil exports gradually increased with the construction of new pipelines and the restoration of damaged facilities.
Sanctions[ edit ] Iraq's seizure of Kuwait in Augustsubsequent international economic sanctions on Iraqand damage from military action by an international coalition beginning in Januarydrastically reduced economic activity. The regime exacerbated shortages by supporting large military and internal security forces and by allocating resources to key supporters of the Ba'ath Party.
The implementation of the UN 's Oil for Food program in December helped improve economic conditions. For the first six six-month phases of the program, Iraq was allowed to export increasing amounts of oil in exchange for food, medicine, and other humanitarian goods.
In Decemberthe UN Security Council authorized Iraq to export as much oil as required to meet humanitarian needs. Per capita food imports increased substantially, while medical supplies and health care services steadily improved, though per capita economic production and living standards were still well below their prewar level.
Iraq changed its oil reserve currency from the U. The drop in GDP in was largely the result of the global economic slowdown and lower oil prices.
After the fall of Saddam Hussein[ edit ] Main article: Economic reform of Iraq The removal of sanctions on 24 May and rising oil prices in the mid-to-late s led to a doubling in oil production from a low of 1. Although some of this debt was derived from normal export contracts that Iraq had failed to pay for, some was a result of military and financial support during Iraq's war with Iran.
However, as the concept of odious debt is not accepted, trying to deal with the debt on those terms would have embroiled Iraq in legal disputes for years. Iraq decided to deal with its debt more pragmatically and approached the Paris Club of official creditors.
In a December Newsweek International article, a study by Global Insight in London was reported to show "that Civil war or not, Iraq has an economy, and—mother of all surprises—it's doing remarkably well.
Real estate is booming. Construction, retail and wholesale trade sectors are healthy, too, according to [the report].
Chamber of Commerce reports 34, registered companies in Iraq, up from 8, three years ago. Sales of secondhand cars, televisions and mobile phones have all risen sharply.
Estimates vary, but one from Global Insight puts GDP growth at 17 percent last year and projects 13 percent for The World Bank has it lower: But, given all the attention paid to deteriorating security, the startling fact is that Iraq is growing at all.
Please help improve this section by adding citations to reliable sources.Nigeria’s employment crisis worsened in the first quarter of , with unemployment rate rising to per cent, the National Bureau of Statistics, NBS, said on Friday. The bureau said in its.
Unemployment Rate in Nigeria increased to percent in the third quarter of from percent in the second quarter of Unemployment Rate in Nigeria averaged percent from until , reaching an all time high of percent in the fourth quarter of and a record low of percent in the fourth quarter of UNDP Annual Report was a remarkable year – as global events continue to influence the local socio-economic dynamics here in Nigeria, the Government and people of Nigeria remained resilient; for example, when the global oil price dropped, and the vandalism of oil installations in the Niger Delta Region led to reduced output, the economy contracted by around %.
Unemployment is a great problem associated with both rural and urban communities of the Nigeria economy it results to the following problems to Nigeria. This statistic shows the unemployment rate in Nigeria from to In , the unemployment rate in Nigeria was at approximately percent. Welcome to PwC Nigeria.
31/05/ Structural transformation and jobless growth in Nigeria. This report, through an empirical approach, examines the socio-economic drivers of unemployment in Nigeria, analyses the sectoral employment trends, and highlights the drivers of .