NBU forecasts unemployment peak in Ukraine in Q2

It is expected to hit 11.5%.

REUTERS

REUTERS

The National Bank of Ukraine (NBU) forecasts an unemployment peak in the country in the second quarter of 2020.

"We expect that unemployment in Ukraine will peak at 11.5% in Q2 2020 due to the corona crisis, compared to 8.2% last year. This means that the number of unemployed will temporarily increase to 2.1 million people. As the gradual easing of quarantine measures that has started in May continues and the economy recovers, unemployment will also decline in H2 2020, but will remain higher than last year," NBU Governor Yakiv Smolii said during the annual research conference of the National Bank of Ukraine and Narodowy Bank Polski.

Read alsoUnemployment in Ukraine grows by 64%

Due to the coronavirus crisis, global working hours in the second quarter may decrease by 10.5% compared to the last pre-crisis quarter. This is equivalent to 305 million full-time jobs, he said.

"In addition, it could jeopardize 1.6 billion people working in the informal economy, which is about half of the global workforce may lose their jobs, according to rather appalling data from the International Labor Organization. The coronavirus does not seem to discriminate between the rich and the poor, or between white-collar and blue-collar workers," he added.

Related news

Zelensky signs law on mechanisms for debt repayment in wholesale electricity market.

President of Ukraine Volodymyr Zelensky has signed a law on mechanisms for paying off debts in the wholesale electricity market, the president’s press service reports.

3 1

IMF's Georgieva tells Zelensky about concerns over pressure on Ukraine's central bank.

The IMF's head praised the NBU's reforms.

IMF chief says it is in Ukraine's interest to preserve central bank's independence.

IMF Managing Director Kristalina Georgieva has said that it is in the interest of Ukraine to preserve the independence of the National Bank of Ukraine (NBU).

Zelensky signs law on debt repayment mechanisms for wholesale electricity market.

President of Ukraine Volodymyr Zelensky has signed law No. 719-IX on measures to pay off debts on the wholesale electricity market, which was adopted by the Verkhovna Rada on June 17.

Zelensky, IMF Managing Director discuss appointment of NBU governor.

Ukrainian President Volodymyr Zelensky held a phone conversation with IMF Managing Director Kristalina Georgieva on Tuesday evening, during which they discussed the continuation of active cooperation.

1 1

By continuing to browse World News (UAZMI), you acknowledge that you have read the Terms of Use and agree to the use of cookies