Brazil’s unemployment rate 4th highest among world’s 44 wealthiest countries

RIO DE JANEIRO, BRAZIL – The unemployment rate in Brazil is the 4th highest in the list of the 44 wealthiest economies in the world, according to a survey conducted by Austin Rating risk rating agency.

The survey reveals that unemployment in Brazil is more than twice the global average. The rate of jobless Brazilians is also the highest in the group of the world’s 20 largest economies.

The unemployment rate in Brazil stood at 13.2% in the quarter ended in August, representing 13.7 million workers, according to the most recent data from the IBGE (Brazilian Institute of Geography and Statistics).

Below is Austin Rating’s list of unemployment rates among countries.

August Unemployment Ranking

Costa Rica: 15.2%

Spain: 14.6%

Greece: 13.8%

Brazil: 13.2%

Colombia: 12.7%

Turkey: 12.1%

Italy: 9.3%

Sweden: 8.8%

India: 8.3%

Chile: 8.2%

France: 8%

Eurozone: 7.5%

Finland: 7.2%

Lithuania: 7.2%

Canada: 7.1%

Latvia: 7.1%

Slovakia: 6.5%

Ireland: 6.5%

Belgium 6.4%

Portugal: 6.3%

Indonesia: 6.3%

Estonia: 6.0%

Austria 5.9%

Luxembourg: 5.5%

Iceland: 5.4%

United States: 5.2%

China: 5.1%

Israel: 5.0%

Australia: 4.5%

Denmark: 4.5%

United Kingdom: 4.5%

Russia: 4.4%

Hungary: 4.1%

Mexico: 4.1%

Norway: 4.0%

Slovenia: 3.9%

Germany: 3.4%

Poland: 3.4%

Netherlands: 3.2%

South Korea: 2.8%

Japan: 2.8%

Czech Republic: 2.8%

Switzerland: 2.7%

Singapore: 2.6%.

Austin Ratings also prepared the ranking for September, but several countries have not yet released the rate for the month, including Brazil:

Costa Rica: not disclosed

Spain: 14.8%

Greece: 13.3%

Brazil: not disclosed

Colombia: 12.7%

Turkey: 11.5%

Italy: 9.2%

Sweden: 8.8%

India: 6.9%

Chile: 8.4%

France: 7.7%

Eurozone: 7.4%

Finland: 7.7%

Lithuania: 6.7%

Canada: 6.9%

Latvia: 6.8%

Slovakia: 6.3%

Ireland: 6.4%

Belgium 6.3%

Portugal: 6.4%

Indonesia: 6.5%

Estonia: 5.9%

Austria 5.2%

Luxembourg: 5.4%

Iceland: 5.3%.

United States: 4.8%

China: 4.9%

Israel: 5.2%

Australia: 4.6%

Denmark: 4.6%

United Kingdom: 4.3%

Russia: 4.3%

Hungary: 3.6%

Mexico: 3.9%

Norway: not disclosed

Slovenia: 3.9%

Germany: 3.4%

Poland: 3.4%

Netherlands 3%

South Korea: 3%

Czech Republic: 2.6%

Switzerland: 2.6%

Singapore: not disclosed

According to Austin Ratings chief economist Alex Agostini, unemployment in Brazil is higher because the country has had many years of low growth, and the Brazilian economy has historic structural issues, such as tax burden and low productivity, factors that have recently been aggravated by rising inflation and interest rates.

According to the IMF (International Monetary Fund), Brazil will close this year with an unemployment rate of 13.8%, highlights Agostini. This places the Brazilian economy in the 14th worst position for the labor market in the world.

But the Austin Rating economist points out that Brazil’s situation will worsen if the country decelerates its GDP next year, or even enter recession, as some banks are anticipating.