Unemployment Rate in Israel Lowest Ever

in Economy & Innovation

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.

Based in the startup city of Tel Aviv, Zo Flamenbaum is a writer and social entrepreneur who dedicates her time to mission-driven projects that empower connection between the many diverse layers of our world. In 2014, she founded School of Shine as a value-based educational space for women who are tired of the ‘default life’ and crave personal freedom through self-expression for more purposeful living.

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