Ukraine jobless rate hits 24-year high

Source : 112 Ukraine

Every fifth young person is unemployed
18:29, 3 September 2015


“The unemployment among the population jumps to the highest level for all the years of Ukrainian independence,” stated Deputy Minister of Social Policy Valeriy Yaroshenko during the briefing, Ukrinform. He added that jobs depend on a good investment climate and sustainable development of the economy.

The nation’s unemployment rate among young workers popped to 23%, and this is the highest level in the last 24 years.

The Deputy Minister added that the Government of Japan has been allocated a loan of $ 1 billion with a percentage below the rate of inflation. "Just imagine how many work places will be created in Kyiv in order to implement the loan," he said.

Earlier, the Ministry of Social Policy forecasted increase in unemployment until the end of the year to some 11%. According to the Ministry, war in Ukraine is increasing labor market slack. The situation in the eastern part of the country has led to an enormous loss of jobs. Only in the Donetsk region 800 thousand work places were lost. 

In 2014 economically active population amounted to 19 mln people, 17.2 mln of them had their jobs. Overall, employment in industrial sphere in 2014 decreased by 18%, while the unemployment rate rose to 9.3%.

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