Analytics, Labour-market, Lithuania, Wages

International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 06:22

Lithuanian labor market nearing bottom

BC, Vilnius, 18.10.2016.Print version
A figure in the budget of Lithuania's state-run social insurance fund Sodra warns that if several thousand more people enter the labor market than leave it in 2017 and 2018, the total number of the insured will remain unchanged and the labor market will come close to its bottom as soon as in 2019, the business daily Verslo Zinios reported on Tuesday cites LETA/BNS.

"It is quite possible that we will have negative employment growth as soon as in 2019, due primarily to negative demographic trends," it quoted Rokas Grajauskas, Danske Bank's chief economist for the Baltic countries, as saying.


In his words, the country must think about a coordinated import of labor force from abroad. This could be done via the education system, for example, by inviting young Ukrainians or Belarusians to study in Lithuania and then stay here to work. Also, it is necessary to think about how to increase labor productivity, which is especially important for industry and transport.

 






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