Jobs

10 Countries With Unemployment Rates Under 3%

Douglas A. McIntyre

Published: October 9, 2016 9:01 am

Last Updated: January 13, 2020 2:38 am

As the U.S. posted a September employment report which showed an addition of 156,000 jobs and an unemployment rate of 5%, America has been at what is called  a “full employment” level for over a year. Several well known countries have much better rates at below 3%. Most are in Southeast Asia, the Middle East, or have a direct connection to China. Several border one another

In May, San Francisco Federal Reserve President John Williams said, “We’re basically at full employment. That’s very good news.” Presumably 0% unemployment would be full employment, but as people move from job to job, in and out of the workplace, experts have focused on 5% as the level at which an economy is healthy (Except, of course, for the dwindled number of people who don’t have work)

Unemployment rate data by country is tricky, at least for comparison purposes. Several global organizations which include The World Bank and IMF collect and publish it. However, the numbers are no better than the ability of each nation considered to collect and publish accurate data on a timely basis. Reports from some countries can be two or three years old. In a few cases, older

The CIA World Factbook also collects and compares unemployment by country. From its current analysis, these are 10 well known nations with unemployment rates under 3%

CAMBODIA                                              0.30    2013 EST.
QATAR                                                       0.40    2015 EST.

THAILAND                                                1.00    2015 EST.
LAOS                                                           1.30    2012 EST.
MACAU                                                       1.90    2013 EST.
MONACO                                                    2.00    2012
SINGAPORE                                              2.00    2015 EST.
UNITED ARAB EMIRATES                   2.40    2001 EST.
MALAYSIA                                                 2.70    2015 EST.
HONG KONG                                            2.90    2015 EST.

Oil rich Qatar and the UAE have the financial capacity to keep virtually their entire populations employed.  Parts of their borders are only a few miles apart

Cambodia, Thailand, and Laos have rapidly growing economies, which help job creation, but the wage workers are paid in these nations are among the lowest in the world. The three nations border one another

Macau and Hong Kong rely on their relationships with the mammoth Chinese economy for growth   The two within hailing distance along the Pearl River Delta.

Singapore has been among the world’s wealthiest and most advanced economies for years

Monaco has only 38,000 residents. The gambling business at the core of its economy makes it one of the highest GDP per capita countries in the world

Malaysia’s economy is partially state controlled and its GDP growth has been better than 6% per annum for most of the last decade