Working steadily to push Israel’s unemployment rates below 4% is Moshe Kahlon, Finance Minister, who saw a drop from 4.3% to 4.1% just one month ago, from June to July. While around 20% of the population lives below the poverty line, the economy seems to be fulfilling what it can – creating more jobs to supply citizens with income in hopes of “lifting people out of poverty”.
Unemployment rate around the world is at about 7%, and Israel falls 7th on the list of countries with low unemployment rates. Economic strategists tend to see unemployment rates below 4.8% as being “zero joblessness” and only six countries in the world are currently ranging below this, from Iceland at 2.7%, who places first on the list, to Germany at 3.9%. Other countries with low rates are Japan, Czech Republic, Korea and Mexico.
By economic standards, less unemployment means more income, more consumer spending, and better quality of life. As unemployment rates in Israel continue to fall as the government invests in factories, companies, startups and hi tech with the aim of creating more jobs. While it might not be felt on a wide scale, there is something hopeful which lies in a deeply developing economy like that in Israel.