In the second half of 2022, the situation in the labor market improved, which allowed for adjusting the unemployment rate from 25.8% to 21.1%. This was stated by the National Bank’s press service, Ukrinform reports.
"Based on surveys, the National Bank of Ukraine clarified the level of unemployment in 2022. Alternative estimates of the labor market confirmed not only a significant increase in the unemployment rate since the full-scale invasion, but also positive dynamics in the labor market in the second half of the year. Based on the data analyzed, the National Bank improved the unemployment estimate for 2022 from 25.8% to 21.1%," the statement reads.
In addition, the National Bank estimated the likelihood of job loss depending on a number of socio-demographic features of respondents: age, region and place of residence, level of education, etc.
It is emphasized that the increased likelihood of becoming unemployed (by 9 percentage points in May 2022 against December 2021) was observed in all regions of Ukraine and was a direct effect of the full-scale invasion. On the other hand, the liberation of territories had a direct and tangible effect on reducing this likelihood. A university degree was among facilitating factors, as was living in a big city.
The NBU expects the recovery of the labor market against the background of economic growth in 2023–2025. The unemployment rate will gradually decrease: to 18.3% in 2023, to 16.5% in 2024, and to 14.7% in 2025.
