According to the National Bank of Ukraine's "Inflation Report" for April 2023, published on Thursday, May 4, the recovery of employment in the first quarter of 2023 slowed down, despite improvements in the labor market, leading to an estimated 20% unemployment rate for that period.
"In the forecast horizon, provided there are no significant shocks, the recovery of the labor market will continue. The unemployment rate will gradually decrease thanks to the intensification of economic activity, but will remain high," the report reads.
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The NBU explains that the high unemployment rate will be likely due to significant qualification and regional disparities in the labor market, as well as the return of migrants from abroad, which will increase the labor supply.
The National Bank estimates that the unemployment rate was 21.1% last year (previous estimate - 25.8%), and predicts 18.3% for 2023 (previous forecast - 26.1%). Unemployment is expected to be 16.5% next year (preliminary forecast - 20.0%), and 14.7% in 2025 (preliminary forecast - 17.6%).
In the context of the problem of unemployment in Ukraine, it is worth noting that exactly one year ago, one of the largest thermal power plants in Ukraine, the Zaporizhzhia thermal power plant, had to shut down due to a lack of coal. Coal could not be delivered because of the temporary occupation of Energodar by Russia and fighting in southern Ukraine.
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As a result, the plant's personnel were temporarily transferred to forced downtime. DTEK claimed that they were doing everything possible to support the plant's staff and ensure that people were paid wages.
However, in September 2022, Energoatom announced that the station had been completely shut down, leaving thousands of people without work.
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