Qatar boasts lowest job rate in the world

RIYADH, Apr 30 (Arab News): The unemployment rate of Qatar has been the lowest in the world, according to popular statistics aggregator Spectator Index.
The Twitter account has placed the state at the bottom of a list ranking countries' unemployment rates from highest to lowest, at 0.1 per cent.
Following Qatar were Thailand at 1.1 per cent, Singapore at 1.8 per cent and Switzerland at 2 per cent.
On the other hand, the countries with the highest unemployment rate were Nigeria at 33.3 per cent, South Africa at 32.7 per cent and Iraq at 14.2 per cent.
Qatar is also ranked as the nation with the lowest total per centage of labor force jobless by the World Bank.
According to data released by the financial institution, Qatar's total unemployment rate has gradually fallen over the past three decades, dropping from 0.81 per cent in 1991 to 0.17 per cent in 2021.
In 2021, Qatar was ranked 17th out of 64 developed nations as per the Competitiveness Index, issued annually by the International Institute for Management Development in Switzerland. The country ranked first in numerous aspects, including low unemployment rate, consumer price inflation and government budget.
Qatar also attained 11th place in its economic performance, sixth place in government efficiency and 15th in its business sector efficiency, according to the IIMD report.
The country's youth unemployment is among the lowest recorded in the Middle East and North Africa region. Moreover, it stands below the world average due to the country's "capacity to absorb young nationals into public sector jobs."
The World Bank also supported these findings, showing Qatar with one of the lowest levels of youth unemployment in the world at 0.5 per cent of the total population.
Qatar's economy is projected to grow at 4 per cent in 2023, down from 4.75 per cent recorded last year, according to a report released by Standard Chartered.