Workforce

In Bulgaria, the demand for workers has been steadily increasing, a trend that continued into the past year. Despite this, more than 200,000 people in the country who are capable of working remain unemployed. This raises the question of why such a large portion of the potential workforce is not engaged in the labor market.

The latest market survey from the Employment Agency indicates a persistent high demand for labor in Bulgaria, both in the short and long term. However, the need for workers varies significantly across different sectors and professions. Construction workers have surged to the forefront, replacing machine operators, while the tourism sector shows a decline in demand.

Individuals aged 60 to 69 could play a crucial role in alleviating the European Union's labor market challenges amid an escalating demographic crisis. A report from Allianz Trade indicates that with effective delayed retirement strategies, the proportion of this age group in the workforce could rise from 9% in 2023 to 14.2% by 2040.

Informal employment, which refers to work without formal contracts or social benefits, is a widespread issue globally. The International Labor Organization (ILO) estimates that 58% of the world's workforce is engaged in such informal labor. This figure highlights the prevalence of non-contracted work across various sectors.

In July, Bulgaria saw a slight decrease in unemployment, with the rate dropping to 5.4%, according to a report from the Employment Agency (EA). This figure represents a reduction from the previous month's rate of 5.3%, when 150,990 people were unemployed. By the end of July, the total number of unemployed individuals had risen to 152,844.

Amidst notable shifts in Bulgaria's labor landscape, citizens from 59 countries outside the European Union (EU) have found employment opportunities in the nation over the past year, signaling a significant change in its workforce dynamics.

A new World Bank project will help avert the closure and maintain employment in viable micro, small and medium enterprises (MSMEs) affected by the economic shocks of the earthquakes that hit southeastern Türkiye.

The $450 million project's objective is to support business continuity and sustainable growth of viable MSMEs in the 11 earthquake-hit provinces.

Greece's unemployment rate eased to 11.8% of the workforce in the first quarter of 2023, from 11.9% in the fourth quarter of 2022 and 13.8% in the corresponding period last year, the Hellenic Statistical Authority (ELSTAT) reported on Thursday.

Greek unemployment rate fell to 11.2% of the workforce in April, from 12.7% in April 2022, but slightly up from 11.1% in March 2023, the country's independent Statistical Authority said on Thursday.

The number of unemployed people totaled 527,706 in April, down 11.9% from April 2022, but up 0.9% from March 2023.

BELGRADE - According to the latest labour force survey, Serbia had an employed population of 2.9 mln last year - up by 64,700 or by 2.3 pct y-o-y - and the employment rate was up from 48.6 pct in 2021 to 50.3 pct in 2022.