Labor market in Ukraine: Unemployment will be 26%, wages will grow slowly
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Unemployment in Ukraine in 2023 will be about 26%. In general, it will remain above its natural level. This is mentioned in the inflation report of the NBU.
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Labor market
“During 2023, unemployment will remain at a high level – about 26%. In the future, it will decrease due to the expansion of labor demand against the background of the revival of economic activity,” says the report.
The NBU expects the unemployment rate to drop to 20% in 2024, and to 17.6% in 2025.
“Unemployment will remain above its natural level, given that the process of restoring production capacities and logistics routes will take a lot of time,” the National Bank noted.
Read: The unemployment rate in Ukraine is 30%
The report also notes that nominal incomes of households will increase, in particular, thanks to the adaptation of the real sector to work in conditions of high risks and significant expenditures on defense and security.
In real terms, salaries will grow slowly due to significant inflation: in 2023 – by 3.3%, and in the following two years – by another 6.5% and 4.3%, respectively.
Let’s remind
- In Ukraine, the unemployment rate is about 30%, while 2 million people are looking for work inside the country and 2.7 million Ukrainians who left because of the war, but are ready to return and work.
Author: 
News feed editor Anna Nedogybchenko. She writes on the following topics: Finance, banks, economy, investments
Source: Ministry of Finance
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