Breakdown of unemployment rates in G20 countries 2024

As of April 2024, South Africa had the highest unemployment rate among the 19* countries that are members of the G20. The unemployment rate in South Africa stood at 33.5 percent that year. The country has recently been plagued by an economic downturn, including energy shortage and high unemployment levels. On the other hand, Japan had the lowest unemployment rate at just 2.5 percent.

Economic inequality in South Africa

Not only does South Africa top the G20 in overall unemployment, but it also has a significant level of youth unemployment, as nearly half of the young population is unemployed. Thirty years after the end of Apartheid, South Africa is also still one of the most unequal countries in the world, with a Gini score of 0.63. The prominence of inequality in the country makes escaping unemployment and underemployment difficult.

Japanese economic slowdown

While Japan had the lowest unemployment rate out of all G20 nations, as well as the lowest youth unemployment rate out of the G20 nations, Japan’s economy is still facing many challenges. With an aging population, the total Japanese population is facing a rapid decline, meaning that it will struggle to have enough workers participating in the labor market. Despite this, Japan maintains strict immigration policies, limiting the chances for foreign workers to move to Japan. Moreover, Japan has the lowest fertility rate out of the G7 nations and one of the lowest fertility rates globally, adding another challenge in addressing population shrinkage.