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Long-term unemployment in 2023 reached its highest level since 2017

Politiko 2024-04-19 08:50:52

Long-term unemployment in 2023 reached its highest level since 2017

Long-term youth unemployment marked a significant increase in 2023, even as labor markets and sectors of the economy are importing foreign workers to meet needs.

According to official INSTAT data, at the end of the fourth quarter of 2024, long-term unemployment among the 15-29-year-old age group reached 14.3%, with an increase of 2 percentage points compared to the same period in 2023 (The long-term unemployment rate measures unemployment in relation to the duration of unemployment).

Even in the third quarter of 2023, long-term unemployment among this age group was 15%, up from 11.9% in the third quarter of 2022.

INSTAT data show that long-term unemployment among young people aged 15-29 reached its highest level since the first quarter of 2017.

Youth unemployment is rising as this age group is shrinking rapidly from declining births and emigration.

The official unemployment rate for youth aged 15-29 was 22.0% in the last quarter of 2023. Compared to the fourth quarter of 2022, the youth unemployment rate increased by 0.6 percentage points. While for the 30-64 age group, the unemployment rate was 7.9% in the last quarter of 2023.

After the pandemic, the trend of unemployment has increased among young people. In the last quarter of 2020, unemployment in the 15-29 age group was 21.7%, while in the last quarter of last year it reached 22%.

From 2019 to 2023, the number of young people aged 15-29 decreased by 94 thousand, or by 13.7%, but on the other hand, the number of young people looking for work has increased and the long-term unemployed have also increased.

Other surveys that have measured potential emigration have shown that the difficulties in employing young people are the main cause of their emigration.

Almost 80% of people who leave the country are young people under 30 years old and the reasons for leaving are related to efforts to improve their economic situation./ Monitor

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