Population dynamics of unemployment in a recessed economy: The Nigerian perspective

Abstract

This work builds and analyzed a new mathematical model that investigates the impact of economic decline on the dynamics of unemployment during economic recession (which according to this study is for 12 months). Mathematical analysis reveals that the model is both locally asymptotically stable but globally asymptotically stable with a condition. Theoretical analysis shows that a decline in economic activities affects the rate of unemployment negatively. We simulated our models with two scenarios; the rate of economic decline was taken to be 0.0158 (1.58%) and 0.00158 (0.158%). The results revealed that the rate of economic decline determines the rate of negative effect on unemployment as well as the rates of lay-offs in public and private sectors. We recommended the need for individuals to become self-employed as part of government intervention strategy during this period.