The graph compares the unemployment rates in three regions- the UK, the rest of Europe and Japan- at two-year interval from 1993 to 2007. Overall, the UK and rest of Europe saw a considerable decline in their unemployment rates, whereas Japan exhibited a slight increase during the period.
While the unemployment rate for the UK initially stood at 11%, the highest on the chart, it then slumped to 5% in 2005, eventually finishing the period with 6%. The rest of Europe, on the other hand, started at 9% which exceeded the 10% mark in 1997, before falling to 8% in 2001.Afterwards, the figure provided a static picture till 2005, ultimately dipping to 7%. In stark contrast, starting at a mere 2%, the unemployment rate for Japan followed completely different pattern. It grew gradually but steadily to reach a peak of 5 % in 2001, but then saw a dip to 3% at the end.
While the unemployment rate for the UK initially stood at 11%, the highest on the chart, it then slumped to 5% in 2005, eventually finishing the period with 6%. The rest of Europe, on the other hand, started at 9% which exceeded the 10% mark in 1997, before falling to 8% in 2001.Afterwards, the figure provided a static picture till 2005, ultimately dipping to 7%. In stark contrast, starting at a mere 2%, the unemployment rate for Japan followed completely different pattern. It grew gradually but steadily to reach a peak of 5 % in 2001, but then saw a dip to 3% at the end.