Unemployment in Germany and Austria

Paper Summary:

This paper states that the long-term effects of sustained unemployment can destroy a nation's economic and social fabric by having a negative psychological impact, reducing aggregate demand and decreasing business activity. The paper discusses that, in addition to high immigration, Germany and Austria have internal flawed economic and monetary policies and lack proper vocational education. The author believes that both countries are taking steps to improve their employment situation.

From the Paper:

"Unemployment is a major issue in all European countries with Germany topping other nations with an unemployment rate reaching 12.2 percent in 1997. Though the country has now taken some effective measures to curb the rising trend in unemployment, it has suffered enormously on account of its joblessness in the past few years. During the 1960s and 1970s, it was found that Federal Republic of Germany could boast of success during good conditions but would collapse under unfavorable economic pressures. This proved to be true when in 1995, country's unemployed population began to rise unexpectedly and sharply."

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