Google simply defines the term ‘unemployment’ to be “the state of being unemployed.”
Broadly speaking, unemployment can be classified into 10 different categories. Namely, they are Cyclical Unemployment, Frictional Unemployment, Structural Unemployment, Natural Unemployment, Long-Term Unemployment, Seasonal Unemployment, Classical Unemployment, Underemployment, Regional Unemployment, and Voluntary Unemployment. Again, Disguised Unemployment can also be taken as a form of unemployment, often seen in farms and rural areas.
The unemployment rate in India rose to 8.3 per cent in 2022, owing to Covid-19. Meanwhile, the global unemployment rate of 2021 is estimated to have been between 6.3 to 6.5 per cent.
