Question

pick a country from the following list

Brazil, Chile, China , Colombia, Egypt, Qatar, United Arab Emirates, Malaysia, Russia, Greece, Philippines, Mexico, Poland, Taiwan, Thailand, South Korea, South Africa, Morocco, Peru, Hungary.

A- Evaluate its unemployment situation/policies with a historical perspective and compare it with the unemployment situation/policies of Turkey

B- Evaluate its inflation and monetary policy with a historical perspective and compare it with the inflation and monetary policy of Turkey

Answer 1

COMPARISON BETWEEN:

1. HUNGARY
2. TURKEY

A] UNEMPLOYMENT SITUATION

The unemployment rate in Hungary is measured by the Hungarian Central Statistical Office. The unemployment rate in Hungary is about the 3.4 percentage at the end of the year 2019, as per the available data. After the great economic crisis in the year 2008 and 2009, the Hungary has enacted Public Work Schemes which aims at providing the jobs for all of the job seekers in the country. Especially the people with little skills and not that much educated. But this Public Work Schemes mark their success by reducing the unemployment by providing jobs. When compared to the other nations this unemployment rate is a good one for them.

As per the records the official unemployment rate of Turkey is about 13.1 percentage in the end of the year 2019. The unemployment rate is measured by the Office of National Statistics. The unemployment is a severe problem and faced by the most of the developed and developing economies. When we compare the unemployment rate of Turkey to the nations with similar economies, the unemployment rate is much bigger than the other nations. When we compare with Hungary the unemployment rate in Turkey is about three times higher than as this existed in Hungary.

B] INFLATION RATE AND MONETARY POLICY

The annual inflation rate in Hungary was almost 3.6 percentage in the month of March 2020. But the fact is that inflation rate in the country has lowered than the previous months, it was above 4 percentage. This inflation rate has resulted in the increase of the price of the products for the consumers. The monetary policies including giving more importance to the self financing programs and also give significance importance to maintain the sustainable inflation rate. The normalization process also give a boost to this economic objectives.

But when compared to Hungary, Turkey reports an annual inflation rate of 10.9 percentage. The inflation rate as similar to unemployment rate, is about three times higher than that of Turkey. The major policies mainly concentrates on reducing this inflation rates and also to attain an employment and economic growth and to ensure the price stability. The Central Banks are the responsible one to formulate the monetary policies of the nation.

The above information gives a clear comparison between the two nations.