5 European Countries with the Highest Unemployment Rates

In this article, we will look at the 5 European countries with the highest unemployment rates. We have also discussed the fluctuating unemployment rates in the EU zone in 2023 in another article. If you are interested in reading about that along with a more extensive list, head straight to the 17 European Countries with the Highest Unemployment Rates.

5. Greece

Unemployment Rate: 12.4%

Greece’s economy faced a tumultuous journey, accentuated by a sequence of crises and economic downfall. Joining the Eurozone in 2001, Greece initially enjoyed lower interest rates and increased investment. However, the structural flaws within its economy, including tax evasion and low productivity, remained unaddressed. The global financial crisis of 2007 further unveiled Greece’s fragile economic foundation, leading to a default on its debt in 2015, amounting to €1.6 billion ($1.7 billion) to the IMF. The subsequent bailout packages totalling €289 billion ($316.27 billion) from international creditors imposed stringent austerity measures, exacerbating unemployment rates, which peaked at 25.7% in August 2012.

Greece’s economic woes were deeply rooted in its pre-Eurozone era, marked by high inflation, fiscal deficits, and low growth. While Eurozone membership initially masked these issues, it eventually exacerbated them by highlighting Greece’s competitiveness gap with other member states, notably Germany. Despite efforts to rebound, Greece’s GDP growth remained volatile, swinging from negative to positive.