Ukraine unemployment peak expected in second quarter

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This forecast was shared in the NBU. The head of the National Bank noted that due to the COVID-19 epidemic, unemployment in Ukraine will peak in the second quarter and will be at 11.5%.

Unemployment in Ukraine
Unemployment in Ukraine. Stock Photo – strana.ua

About this writes “MFN”, referring to Press service NBU.

“According to our estimates, due to the coronavirus epidemic, the unemployment rate in Ukraine will peak in the second quarter. It’s about 11.5%. Last year, that figure was 8.2%. “

Yakov Smoliy noted that in parallel with the easing of the quarantine, the economy is recovering, which means that the number of unemployed will already decrease in the second half, but at the same time, there will always be more than in 2019:

“The dismissal of Ukrainians during the quarantine period not only complicated employment, but also increased the burden on a vacant position. It has become clear that we cannot easily solve the problem of labor migration. “

The head of the NBU added that many Ukrainians who go to work did not even return to Ukraine after the imposition of the quarantine because they were frightened by the prospect of working in their country:

“And those who were forced to return should now be fighting for vacancies with” local “layoffs … And, unfortunately, they cannot always get such a salary here as abroad.”

For this reason, concluded Smoly, Ukrainians have started to travel abroad again, especially since in European countries, Ukrainian workers are in great need.

Recall that we wrote earlier that over the year the number of unemployed increased by 48%.

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