unemployment has detrimental impact on the overall growth of an economy
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In the short run, the relationship between economic growth and the unemployment rate may be a loose one. ... As long as growth in real gross domestic product (GDP) exceeds growth in labor productivity, employment will rise. If employment growth is more rapid than labor force growth, the unemployment rate will fall.
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Unemployment has a detrimental impact on the overall growth of an economy. ... This is because unemployment creates a feel of hopelessness and depression among theunemployed people. Unemployment results in the wastage of human resource as people are not involved in any kind of productive activities.
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