The unemployment rate in Albania and a regional comparison

The unemployment rate is the ratio between the number of registered unemployed individuals and the individuals currently in the labor force. The labor force refers to the share of the working age population who are either in a job or actively looking for one.

The comparison between Albania and the other countries of the region is given in the following figure:

^{* IMF estimates
Source: IMF
Comments and Analysis: ODA}

Referring to the unemployment rate, Albania is ranked in the fifth position after Macedonia (33%), Bosnia and Herzegovina (24%), Serbia (17.4%) and Turkey (14%). While, after Albania (13%) the ranking is as follows: Montenegro (11%), Greece (9.4%) and Croatia (9.2%).

A time analysis of the unemployment rate shows that Montenegro is the country with the most drastic reduction of the unemployment rate during the last decade. On the other hand, Turkey is the country of the region with the largest increase in unemployment.

A low rate of unemployment allows the economy to reach the potential output and the wellbeing of the population to increases.

The entire dataset is displayed in the electronic table below:

^{Source: IMF
Comments and Analysis: ODA}