Top Nations Ravaged By Unemployment

#17. Bulgaria

Jobless Rate: 11.6 Percent

Home to large and small private sectors, Bulgarian economy largely functions on the principles of the free market. And like most of the other nations on the European continent, recession has nearly crippled the economy and adversely affected the job market in the country.

Consumer spending and foreign investment has condensed drastically and growth has come to a standstill since the crisis.

#16. Italy

Jobless Rate: 11. 9 Percent

Italy’s image as a world power has recently taken a beating. It is severely affected by recession, and in fact, as per Eurostat, which is EU’s statistics body, the country’s public dept is 116 percent of GDP in the year 2010. These numbers are second only to Greece, which was at 126.8 percent.

Global rating agencies such as Moody’s and Standard & Poor slashed Italy’s sovereign debt rating in 2011, which further added to the misery of the nation.

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