One of the key problems in the EU is unemployment. Regardless of the economic growth that has been detected during the most part of 2017-2018, the unemployment problem remains a rather major issue. Without any doubt this problem is not equally spread among all European countries and it is the Southern Europe that mainly faces the challenges on the labor market.
Even though it was not yet possible to reach the pre-crisis unemployment levels, on the average the number of unemployed is constantly decreasing across Europe.
For example, the comparison between the data of 2015 and 2020 shows a 3.4% decrease of unemployment rate in Europe in general and a 3.3% decrease in the European Union.
Of course, the EU suffered a hard blow from the COVID-19 pandemic and in April 2020 the unemployment rates substantially increased irrespective of a stable decrease in the previous periods.
Unemployment in Greece.
Greece is a country that is more than others affected by the unemployment problem.
In 2015 the local crisis led to 25% of the working-age-population (or every fourth) ended up in unemployment.
However, the openness of the Greek market helped improve the situation to a certain extent. During the last five years the unemployment rate decreased by over 6%. The forecast in view of the pandemic is negative, as in the rest of the EU: due to COVID-19 the unemployment rate might again go up to 21%.
Even though Greece’s unemployment rates are the highest in the European Union, still, during the last five years unemployment was steadily decreasing, which gives hopes for the strengthening of the market.