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Economy Ministry of Latvia: labor market growth to resume in 2013

By Editor. 13.07.2009

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The labor market will shrink significantly in 2009 and in 2010, the situation could stabilize in 2012 and market growth could resume in 2013.

conomy Ministry points to several aspects on the labor market that should be taken into consideration in planning the education, social and employment policies, reports LETA.

The report informs that the labor market will continue decreasing in 2009 and 2010, which will cause the unemployment rate to increase steeply, up to 13-15% this year. The situation on the labor market could stabilize in 2012. Growth on the labor market will resume in 2013, but it has to be taken into account that future growth will be based more on improving productivity, less on increasing employment, which will be determined by strong competition on the markets of goods and services. That is why there will be fewer job offers in 2015 than in 2008, and the unemployment rate will not decrease to under 8%.

The demand on the labor market will decrease equally for all professions, but the job offers will not decrease as equally, resulting in disproportion among various professions; the demand for unskilled workers will be higher than the demand for skilled workers.

The increasing unemployment will result in stronger competition on the Latvian labor market, and slow down the salary growth. As a result, emigration from Latvia to not only other European Union member states but also third countries could increase, if these countries' economies recover faster than the Latvian economy.

The economic downturn could make social problems worse in coming years, the Economy Ministry concludes, emphasizing the importance of training and close cooperation between educational establishments and employers. Improving lifelong education, in turn, would promote labor mobility. The Economy Ministry's projections also show that the number of long-time unemployed persons will increase, and the current situation will have a strong impact on a graduate's job opportunities.




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