Economy
21:57 29 June 2020
Post by: WBJ

Serious problems in labor market may start in autumn

Serious problems in labor market may start in autumn
Jacek Męcina, source: Newseria

According to CSO data, unemployment is rising slowly, but it will probably accelerate at the end of this year. As prof. Jacek Męcina from the University of Warsaw, a consultant of the Confederation of Lewiatan, forecasts, the unemployment rate in December will amount to 8-9 percent, and the one-digit level can be considered a success.

“Pandemic severely chilled the economy, which fortunately lasted quite a short time and coincided with a period of recovery in the labor market and seasonal work. Crisis shields were also of considerable importance. Almost everyone in need: both the entrepreneurs – especially micro and small, as well as the citizens who was in quarantine or lost his job due to closing the company or stopping his activity, could find himself in the benefit system. However – although the latest CSO data on employment and wages are not at all pessimistic, unfortunately it seems that the worst on the labor market is yet to come,” prof. Jacek Męcina stressed.

At the moment, the Polish economy is at the stage of gradual defrosting after the lockdown caused by the SARS-CoV-2 pandemic. However, it will not soon return to its full potential. First, the demand crisis is clearly visible due to the fact that households are not willing to spend and invest money, keeping cash for a "rainy day" in fear of an expected recession. Breaks in supply chains also cause that many industries defrost their activities very slowly, and due to government restrictions that have been maintained for fear of further spread of the coronavirus, the efficiency of manufacturing or service companies is not as high as before a pandemic.

(Newseria)

unemployment
lewiatan
pandemic
jacek męcina
university of warsaw

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