The Brexit's Effect on European Employment

On June 23rd of this year, the will vote in referendum on their future with the . Their potential exit, which has been dubbed “The Brexit”, would undoubtedly have major ramifications on the European economy, and the global economy as a whole. One of the ramifications of a Brexit on the rest of Europe that could possibly be overlooked or underestimated, is the effect on employment throughout the entire .

The currently boasts the throughout the at 5.1%. To put this number in comparison, the is nearly four percentage points higher, at 8.9%. Not only does the have high employment, but it has also been instrumental in creating jobs since the financial recession of 2008. The has than any other nation in the . The factor that makes this job growth so significant, is the fact that one half of these newly created jobs are filled by citizens. In fact, the number of EU citizens working in the has , a 67% increase since the recession in 2008.

If the British do in fact vote to leave the , the economic union could lose this powerhouse of job creation, and the ensuing increase to unemployment would only accentuate the other economic issues that would face the already distressed European economy.