ECONOMIC BRIEFS

Labor Office expects unemployment to reach or exceed 20%

For the first time in the Slovakia's six year history, the unemployment rate did not decrease in March when farm workers return to their jobs. Instead, the number of the jobless increased to 470,000 people and the unemployment rate reached a record level of 17.6%, the National Labor Office reported.

And things are due to get worse. According to the Labor Office, the best-case scenerio for Slovakia, if the development of Slovakia's economy stabilizes, would be that the average number of jobless will be 460,000 in 1999, and culminate between 520,000 and 530,000 at the end of the year. This accounts for a 19.5-19.85 unemployment.

However, a pessimistic, but "probably realistic alternative," of the development assumes a rise of unemployment to 21 - 22%, meaning that 560,000 to 590,000 in the country would be out of work, said Pavel Tomasta, director of the National Labor Office's Department of Analyses, Concepts and Strategy.

Unemployment in Slovakia is significantly higher than in neighboring countries. In the Czech Republic it is 8-9%, in Hungary 9-10%, Poland 11% and Austria 7%.

Moreover, in some regions in Slovakia, unemployment has already exceeded 20%. If the economic situation in Slovakia deteriorates, there is a danger that Slovakia will report the highest unemployment rate in Europe and replace Spain in this position.

Get daily Slovak news directly to your inbox

Top stories

Railway station in Košice

Who’s the foreigner in this country now?

The virus has highlighted some differences between migrants and locals, but erased others.

23. jan
Košice

News digest: Slovakia has passed the peak of the second wave, health minister says

Polish doctors will help take swabs in Slovakia this weekend. People who have had COVID can just show their positive test result.

22. jan
Rapid testing in Košice

Nationwide COVID-19 testing – and criticism – starts again

Longer ‘screening’ different to October operation.

22. jan
Ján Sýkora is an easy-going ice-hockey player who has got a great sense of humour.

Fashion brands mean nothing to me. Professional hockey player about his life in central Slovakia

In an entertaining interview, the down-to-earth ice hockey player, Ján Sýkora, talks about being a busy bee with a poor memory.

21. jan