The Turkish economy will perform better in unemployment in 2014 than Italy and France, both members of G7 group that gathers the world's wealthiest nations. According to estimates posted by the International Monetary Fund (IMF), Turkey's jobless rate will be 9.47% for 2014 while Italy and France will have jobless rates of 12.4% and 11.13% respectively. Compared to European Union member states, Turkey ranks higher than Spain, Greece, Greek Cypriot administration, Portugal, Slovakia, Ireland and Slovenia, which are struggling with the impact of the global economic crisis that hit the markets in late 2009. Turkey is also expected to surpass seven developed countries, among which Spain has the highest rate with 26.6%, followed closely by debt-stricken Greece with 26% and Greek Cypriot administration with 19.5%. In Portugal, home to ongoing protests against austerity measures, the unemployment rate is estimated at 17.7% in 2014.