Unemployment Rate Drops in Taiwan

Taiwan experienced its lowest unemployment rate in seven years at the end of 2014, reported Agence France-Presse. 

By December’s end, the jobless rate rested at 3.96 percent, representing the lowest figure since 2007, when the unemployment rate hit 3.91 percent. The China Post explained that throughout the nation, 457,000 people were out of work as 2014 came to a close. Overall, the economy increased by 3.43 percent this year. Economists expect this trend to continue over the next 12 months, with a projected growth rate of 3.5 percent for 2015. 

AFP noted that youth unemployment remains a problem for the country, though the number of people looking for work between the ages of 15 and 24 did go down in the past year. Although it hit 13.17 percent in 2013, the figure reached a three-year low of 12.63 percent at the end of 2014. The employment rate among college-educated citizens also declined by .27 percent to 4.99 percent, noted The China Post. 

Within Taiwan, the region that experienced the best job growth was Chiayi City, which ended the year with a jobless rate of 3.7 percent. This region added many jobs throughout the year thanks to its burgeoning tourism sector, explained The China Post.