Unemployment in Ukraine may hit 30% by late 2022, says economy minister

24 October 2022, 07:40 PM
Unemployment in Ukraine may reach about 30% by late 2022 (Photo:useche70 / Pixabay)

Unemployment in Ukraine may reach about 30% by late 2022 (Photo:useche70 / Pixabay)

Unemployment in Ukraine may reach about 30% by late 2022, Ukraine’s state-owned news agency Ukrinform quoted the country’s economy minister, Yulia Svyrydenko, as saying on Oct.

 “We expect a quite high level of unemployment – up to 30% by the end of the year,” she said.

According to the minister, solving unemployment problems, namely employment of people and their return from abroad, is one of the largest challenges facing the government.

Svyrydenko added the government is currently directing its efforts to support small businesses.

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In addition, the minister added, the government is working to stabilize the macroeconomic situation as a whole. Inflation in Ukraine is currently 24.6% and is expected to reach 30% by the end of the year, while the economy is expected to decline by 30%.

The economy minister emphasized that preserving the normal functioning of the economy is a task no less important than achieving victory in Russia’s full-scale war against Ukraine.

According to the central bank’s estimates, the unemployment rate in Ukraine will drop to only 27% in 2023. At the same time, the decrease will be more significant, or to 18.2%, only by 2024.

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