Employment in Poland recovering rapidly

In OECD countries, the pandemic lost 22 million jobs. As a result, unemployment has risen, already starting to decline, but still above the pre-Covid-19 level (6.6 percent in May 2021 vs. 5.3 percent in December 2019). The situation is similar to the number of jobs, which is slowly growing in individual countries but is still below the pre-Covid statistics. Experts point out that slow job growth increases the risk of long-term unemployment.

In its report, the OEDC warns of the risk of long-term unemployment, which may result from the slow return of the labor market to the pre-Covid-19 situation. According to experts, employment in OECD countries should return to the pre-pandemic level only in 2023, although the pace varies between countries.

The OECD report shows that four countries – Australia, Japan, New Zealand, and Poland – have the best chance of quickly returning to employment levels before the pandemic. It should take one and a half years, which means that this level should be leveling more or less now, which can be seen in the statistics on the Polish labor market. In June 2021, the average employment in the enterprise sector was higher by 2.8 percent y/y and amounted to 6.36 million, while the average monthly salary was higher by 9.8 percent y/y and amounted to PLN 5,802.42 gross.

Just after Poland, Japan, New Zealand and Australia are Germany, Greece, and Korea, which will restore employment to the pre-pandemic level in less than two years. Austria, Denmark, and Sweden will need 2.5 years. The last ones on the list are Iceland and Israel, which need over five years.

(WBJ)