Unemployment benefits: The United States provides unemployment benefits to help support workers who have lost their jobs. In response to the COVID-19 pandemic, the country’s government implemented several measures to expand unemployment benefits, including increasing the amount of benefits available and extending the duration of benefits. As of February 2021, over 19 million Americans were receiving some form of unemployment benefits.
Public works programs: China has implemented public works programs, such as infrastructure investment, to create jobs and stimulate the economy. For example, in response to the 2008 global financial crisis, the Chinese government launched a massive stimulus program that included significant investment in infrastructure projects. This investment helped to create jobs and support economic growth, and is credited with helping to mitigate the impact of the crisis on the Chinese economy.
Fiscal policy: Spain has implemented a range of active labor market policies, such as vocational training programs and wage subsidies, to help reduce unemployment. The country also provides unemployment benefits and has implemented public works programs to create jobs. In response to the COVID-19 pandemic, the Spanish government implemented a range of fiscal measures to support the economy, including direct aid to businesses and households, and investment in health care and social services. As of November 2021, the unemployment rate in Spain was 14.8%.
Active labor market policies: Germany has implemented a range of active labor market policies to address high rates of unemployment, particularly among younger workers. For example, the country’s vocational training system, which combines classroom education with on-the-job training, has been credited with helping to reduce youth unemployment. In 2020, the youth unemployment rate in Germany was 5.8%, compared to the euro area average of 15.4%.
Monetary policy: Australia has used monetary policy to support job creation during times of high unemployment. In response to the COVID-19 pandemic, the country’s central bank, the Reserve Bank of Australia, implemented several measures to lower interest rates and increase the availability of credit. These measures helped to support demand in the economy and stimulate job creation. As of December 2021, the unemployment rate in Australia was 4.2%.
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