National Bank believes labor market conditions to improve due to economic recovery

National Bank believes labor market conditions to improve due to economic recovery

Ukrinform
Unemployment in Ukraine will, on average, fall to 9.1% in 2021, and will approach its natural level (8.5%) in 2022, according to the NBU’s quarterly Inflation Report for July 2021.

"Labor market conditions will continue to improve, driven primarily by economic recovery. Unemployment will, on average, fall to 9.1% in 2021, and will approach its natural level (8.5%) in 2022," the report reads.

Rising social standards and further economic recovery will support higher household incomes. Nominal wages will increase by 18.8% in 2021 and by 10.8% next year, while real wages will rise by 8.7% and 3.9%, respectively.

As of June 24, the number of registered unemployed in Ukraine was 354 thousand people, which is 105 thousand less than at the beginning of the year, when as of January 1, 459 thousand unemployed were registered.

Since April 2021, the situation on the labor market has gradually stabilized due to economic recovery against the background of improving the epidemic situation and lifting quarantine restrictions.

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