Unemployment in Peru: An economic concern

Topics: Unemployment, Inflation, Economics Pages: 4 (1221 words) Published: October 12, 2013

Unemployment in Peru: an Economic Concern
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The Peruvian unemployment rate has started to decline in the past few years. The lowered unemployment rate connects to Peru’s economy and means it is on the mend. There are several relationships between the lowered unemployment rate and the economy that will be described. The data on this occurrence has a trend that shows it will continue to decrease. This will mean the economy will continue to improve. The future looks relatively bright for Peruvian people because with more people employed, the economy can make more money.

Unemployment in Peru: an Economic Concern
Economic concerns are important to monitor especially in the case of South American countries whose rich culture is unmatched. Unemployment is defined as the total number of people who are unable to find work at one time (“Unemployment,” 2003). Several factors affect unemployment, including: the economy, a person’s skills, the jobs available, and loss of jobs. The unemployment rate is Peru has started to decrease in the past decade. This has several direct relationships to the economic stability of Peru, and the data suggests this is an ongoing trend.

The unemployment rate has a direct correlation to the economy of Peru. The first relationship to the economic state is through the Gross Domestic Product (GDP). The unemployment rate has a direct relationship to the GDP. For instance, if the relationship between the two is negative there is obviously a high unemployment rate (Levine, 2013). Gross Domestic Product is also a direct indicator of a country's economic situation. In Peru as the unemployment rate has started to decline the GDP has started to come up in the past decade. The GDP has increased from $61.347 billion to $197 billion in the last decade (“Peru GDP,” n.d.). This means that the GDP has increased while the unemployment rate has dropped. The unemployment rate in...

References: Economic outlook peru. (2013). BBVA Research.Retrieved from http://serviciodeestudios.bbva.com/KETD/fbin/mult/1302_Peru_Outlook_1Q13_tcm348-374867.pdf?ts=2082013
Editorial Board. (2011). Macroeconomics. Schaumburg, IL: Words of Wisdom. Retrieved from http://wow.coursesmart.com/
Levine, L. (2013). Economic growth and the unemployment rate. Congressional Research Service. Retrieved from http://www.fas.org/sgp/crs/misc/R42063.pdf
Peru GDP. (n.d.). Trading Economics. Retrieved from http://www.tradingeconomics.com/peru/gdp
Peru unemployment rate. (n.d.). Trading Economics. Retrieved from http://www.tradingeconomics.com/peru/gdp
Thompson, M.A. (2012). Employment trends: Peru. GoingGlobal. Retrieved from http://www.goinglobal.com/articles/1041/
Unemployment. (2003). In The Macmillan Encyclopedia. Retrieved from http://www.credoreference.com.proxy.cecybrary.com/entry/move/unemployment
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