Demand for labor will change due to war - experts

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Demand in the labor market in the post-war period will be different - NBU

The demand for workers in industrial activities will remain relatively weak.

The war will have a significant impact on the demand for labor in the post-war period. Offers in the labor market will be dictated by the economic situation and the need to rebuild the country after the Russian invasion. This is stated in the Inflation Report of the National Bank of Ukraine (July 2022).

Significant demand will be used by workers for the restoration of infrastructure and production facilities, in logistics. Demand for workers in industrial activities will remain weak, as the restoration of destroyed production facilities will require significant time, the report says.

Experts pointed out that the Ukrainian labor market will also face a shortage of personnel in certain industries. All because of the mass departure of specialists abroad during the war.

The general recovery in demand for labor will be held back by insufficient investment in the economy in the coming post-war years and the weak financial condition of business, experts of the central bank say.

Also, the NBU report indicates that the overall unemployment rate in the country will grow. in particular, experts suggest that the unemployed population will be up to 28.9% in 2022. In 2023, the number of unemployed may increase - up to 27.0%. The NBU expects that the unemployment rate will fall slightly only in 2024 - to 18.2%.

According to the NBU, in 2021, unemployment was 9.8%.

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