Young people do not find themselves in the labor market/ Unemployment increases further in the third quarter

2023-12-13 07:36:00, Ekonomi CNA

Young people do not find themselves in the labor market/ Unemployment increases

Economic activity in our country peaked in the third quarter of the year, due to extraordinary developments in tourism, while agricultural production is at its peak, but the labor market in the same period showed weakness in the employment of young people.

After the Covid-19 pandemic, the employment indicators of young people have further deteriorated, while on the other hand, the sectors of the economy are in emergency for employees.

INSTAT data refer that in the third quarter of this year 74,507 young people aged 15-29 were unemployed with an additional 5300 people since the same period of 2022.

In June-September 2023, youth unemployment was at its highest level since the first quarter of 2021, when the economy was experiencing a strong wave of the Covid-19 pandemic. The youth unemployment rate is a negative signal at a time when this age group is shrinking due to high immigration and declining births.

The official unemployment rate for young people aged 15-29 is 22.0%. Compared to the third quarter of 2022, it has increased by 1.6 percentage points.

Compared to the second quarter of 2023, this indicator decreased by 0.6 percent. Thus, the unemployment rate for the 30-64 age group is 7.6%. In annual terms, this indicator has decreased by 0.1 percentage point and compared to the previous quarter there is a decrease by 0.1 percentage point.

The increase in unemployment among young people at a time when their total is decreasing, is showing that the labor market has problems among young people. The forex sector that was a major employer of educated youth is going through a period of international investigations that have led to the closure of many companies. On the other hand, the job offers of Albanian businesses are often not preferred by young people.

The economic model based on free labor is not preferred by the younger generation who find it more convenient to emigrate than to start work in a fashion factory or a construction company.

The labor market in our country has always suffered from a gap between the supply and demand for work. The job offer is dominated by basic occupations that do not require skills, while job seekers are often more highly educated.

But education on the other hand does not meet the skills requirements of businesses. Businesses continue to complain that the professionals produced by the education system are not skilled and often require additional time and investment for their training./ Monitor Magazine