The document summarizes the impact of the COVID-19 pandemic and Russian invasion of Ukraine on Latvia's labor market. It finds that while unemployment increased during the pandemic, government support programs prevented larger job losses. Unemployment has since declined and is now only slightly above pre-pandemic levels. Younger workers and those in sectors like hospitality were most affected by pandemic layoffs. The invasion of Ukraine has worsened economic forecasts for Latvia in 2022 and exacerbated pre-existing labor market challenges around demographic changes and skills shortages.
The impact of pandemics on labour market in Latvia Latvijas Banka
The document discusses the impact of the COVID-19 pandemic on Latvia's labor market in three key points:
1) Overall, the impact has been limited so far, but it varies significantly by sector, occupation, and population group, with low-income workers most affected.
2) Without government support programs, unemployment would be almost double current rates.
3) Younger workers experienced more job losses, while employment in sectors like healthcare and education remained stable for older groups. Certain sectors like tourism saw sharp declines compared to increases in technology jobs.
Employment and labour market during and after covid 19 pandemicLatvijas Banka
The document discusses the impact of the Covid-19 pandemic on employment and labor markets in the Baltic countries, particularly Latvia. It finds that while the overall impact has been limited so far, it varies significantly by sector, occupation, and population group, with low-income workers being most affected. This could increase structural unemployment and inequality without government intervention. The document also notes that long-term labor market challenges like skill mismatches and high structural unemployment predated the pandemic and still need to be addressed through measures like improving education and healthcare, promoting lifelong learning, and activating groups with low employment.
Promoting a stronger and more inclusive economy OECD Economic Survey Hungary ...OECD, Economics Department
The OECD Economic Survey of Hungary 2019 document discusses several key points:
1) The Hungarian economy is growing strongly but policies are needed to address risks to the recovery.
2) Greater economic inclusiveness would bolster growth as poverty and unemployment remain issues in some regions.
3) Population aging will significantly increase costs related to pensions and healthcare, which need to be addressed through reforms.
Labour Market Changes due to the PandemicsLatvijas Banka
Latvijas Bankas ekonomista Oļega Krasnopjorova 2021. gada 27. maija prezentācija “Labour Market Changes due to the Pandemics” Latvijas Kristīgās Akadēmijas starptautiskajā seminārā
Vieslekcija "Current Economic Trends in Latvia"Latvijas Banka
1) Latvia is experiencing rising inflation driven by increasing energy costs, while economic sentiment remains close to pre-pandemic levels.
2) While exports continue to grow, transportation services exports are still far below pre-COVID levels. Domestic economic activity is also recovering but construction capacity constraints could emerge.
3) Overall the Latvian economy is recovering from the pandemic, but risks remain from supply chain issues, rising prices and the potential of overheating in some sectors like construction.
1) Latvia is experiencing rising inflation driven by increasing energy costs, while economic sentiment remains close to pre-pandemic levels.
2) While exports continue to grow, transportation services exports are still far below pre-COVID levels. Domestic economic activity is also recovering but construction capacity constraints could emerge.
3) Overall the Latvian economy is recovering from the pandemic, but risks remain from supply chain issues, rising prices and the potential of overheating in some sectors like construction.
The impact of pandemics on labour market in Latvia Latvijas Banka
The document discusses the impact of the COVID-19 pandemic on Latvia's labor market in three key points:
1) Overall, the impact has been limited so far, but it varies significantly by sector, occupation, and population group, with low-income workers most affected.
2) Without government support programs, unemployment would be almost double current rates.
3) Younger workers experienced more job losses, while employment in sectors like healthcare and education remained stable for older groups. Certain sectors like tourism saw sharp declines compared to increases in technology jobs.
Employment and labour market during and after covid 19 pandemicLatvijas Banka
The document discusses the impact of the Covid-19 pandemic on employment and labor markets in the Baltic countries, particularly Latvia. It finds that while the overall impact has been limited so far, it varies significantly by sector, occupation, and population group, with low-income workers being most affected. This could increase structural unemployment and inequality without government intervention. The document also notes that long-term labor market challenges like skill mismatches and high structural unemployment predated the pandemic and still need to be addressed through measures like improving education and healthcare, promoting lifelong learning, and activating groups with low employment.
Promoting a stronger and more inclusive economy OECD Economic Survey Hungary ...OECD, Economics Department
The OECD Economic Survey of Hungary 2019 document discusses several key points:
1) The Hungarian economy is growing strongly but policies are needed to address risks to the recovery.
2) Greater economic inclusiveness would bolster growth as poverty and unemployment remain issues in some regions.
3) Population aging will significantly increase costs related to pensions and healthcare, which need to be addressed through reforms.
Labour Market Changes due to the PandemicsLatvijas Banka
Latvijas Bankas ekonomista Oļega Krasnopjorova 2021. gada 27. maija prezentācija “Labour Market Changes due to the Pandemics” Latvijas Kristīgās Akadēmijas starptautiskajā seminārā
Vieslekcija "Current Economic Trends in Latvia"Latvijas Banka
1) Latvia is experiencing rising inflation driven by increasing energy costs, while economic sentiment remains close to pre-pandemic levels.
2) While exports continue to grow, transportation services exports are still far below pre-COVID levels. Domestic economic activity is also recovering but construction capacity constraints could emerge.
3) Overall the Latvian economy is recovering from the pandemic, but risks remain from supply chain issues, rising prices and the potential of overheating in some sectors like construction.
1) Latvia is experiencing rising inflation driven by increasing energy costs, while economic sentiment remains close to pre-pandemic levels.
2) While exports continue to grow, transportation services exports are still far below pre-COVID levels. Domestic economic activity is also recovering but construction capacity constraints could emerge.
3) Overall the Latvian economy is recovering from the pandemic, but risks remain from supply chain issues, rising prices and the potential of overheating in some sectors like construction.
This document provides a summary of economic indicators related to the COVID-19 pandemic in Belgium as of July 7, 2021. It includes charts and graphs showing trends in COVID-19 hospitalizations, vaccination rates, GDP, business and consumer confidence, employment levels, and other labor market indicators. The overall message is that the Belgian economy is gradually recovering as the pandemic situation improves thanks to vaccination progress, but some regional differences and risks remain.
Human capital as the key to economic developmentLatvijas Banka
This document discusses human capital as the key driver of economic development in Latvia. It finds that while Latvia's population and workforce are projected to decrease in the coming decades, there are still substantial internal labor reserves that could be activated, such as among the young and upper-middle aged men. Improving health outcomes and reducing excess mortality is identified as the most promising way to stop depopulation trends. Additionally, public spending on education and healthcare in Latvia has been modest and outcomes could be improved by increasing efficiency. Attracting high-skilled immigration through improved quality of life is also discussed but perceived livability in Riga does not yet lead to mass immigration.
This document discusses two major policy challenges facing Canada due to population aging: boosting productivity growth and making fiscal adjustments. Population aging will reduce the working-age population and labor force participation rates, slowing GDP growth. It will also increase spending on healthcare and pensions through higher costs for older groups. If costs rise 3.5% of GDP by 2040 as projected, and revenues only increase at historical rates, large deficits would result. Canada must pursue productivity-enhancing policies and make difficult choices to control spending growth or increase taxes to balance fiscal pressures from an aging population.
The document is the 2016 OECD Economic Survey of Germany. It discusses Germany's strong economic recovery after the recession, low unemployment rate, and high levels of well-being. However, it notes investment is low compared to other countries, which contributes to low productivity growth. It recommends increasing investment in infrastructure and removing barriers in professional services to boost competition and productivity, especially in the services sector. It also addresses issues around population aging, increasing immigration, education outcomes for immigrants, and encouraging more women and older workers to remain in the labor force.
Latvijas Bankas ekonomistes Santas Bērziņas un Ievas Opmanes prezentācija sanāksmē ar starptautisko reitinga aģentūru "Moody's Investors Service" 2022. gada 24. martā.
This document provides an economic survey and recommendations for Lithuania conducted by the OECD. It summarizes that while incomes and GDP have been converging with OECD averages, unemployment has declined, and exports have been robust, poverty remains high. Key recommendations include reducing social security contributions for low-income workers, increasing property taxes exempting low-income households, and strengthening vocational education and training to promote more inclusive growth.
Presentation to jelf employee benefits seminar 13 july 2015Mark Beatson
The UK economy is expected to see sustained but modest growth over the next five years, with further employment increases and some tightening in the labour market. However, real wage growth is unlikely unless productivity recovers from its below-pre-recession levels. Additional fiscal consolidation is anticipated in the public sector, while employment growth will be concentrated among workers over 50. Demand will be strongest for high-skilled jobs, but questions remain about the UK's skills supply matching these requirements.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Achieving an inclusive and sustained recovery Greece 2018 OECD Economic SurveyOECD, Economics Department
This document provides an economic survey of Greece by the OECD in 2018. It summarizes that the Greek economy is recovering from its crisis, with GDP and employment growing while unemployment is falling. However, productivity continues to decline and poverty remains very high. Additional structural reforms in areas like public administration, taxation, pensions, education and reducing non-performing loans would help boost inclusive and sustainable growth.
Lekcija: Latvijas tautsaimniecība – pārkaršanas riski (English)Latvijas Banka
Latvijas tautsaimniecības izaugsme ir paātrinājusies. Arī iedzīvotāju ienākumi pakāpeniski aug. Atšķirībā no krīzes laika - kas šobrīd ir savādāk?
Prezentācijā tiek analizēti:
• Latvijas tautsaimniecības izaugsmi noteicošie faktori;
• Tautsaimniecības attīstību raksturojošie strukturālie rādītāji;
• Līdzsvarotai attīstībai nepieciešamās kapacitātes veidošanās līdzšinējās tendences un
• Nākotnes iespējas.
The document summarizes economic forecasts and recent economic data from Spain, the Eurozone, the UK, and China:
1) The Bank of Spain outlines two scenarios for Spain's economy depending on the course of the pandemic, with GDP projected to fall 10.5-12.6% in 2020 before a partial recovery in 2021.
2) Unemployment in Spain is forecast to rise to 17.1-18.6% in 2020 and remain elevated at 19.4-22.1% in 2021.
3) The public deficit in Spain is expected to widen significantly to 10.8-12.1% of GDP in 2020, with debt levels rising to 116.8-120
The Wind of Change: Economic and Financial OutlookLatvijas Banka
Presentation by Governor of Latvijas Banka and member of the Governing Council of the European Central Bank Mārtiņš Kazāks during discussion on Latvia's economic developments in Brussels.
1) Inflation remains high and risks of second-round effects on wages and de-anchoring of inflation expectations persist. Monetary policy will need to go beyond neutral rates and hikes will become more cautious to return inflation to 2% in the medium term.
2) Industrial production figures hide disruption in energy-intensive industries, whose outlook remains weak. Inflation has increased broadly across countries due to high energy and food prices, and core inflation is also picking up.
3) Recession risks are rising as geopolitical uncertainty and the war in Ukraine push the euro area closer to contraction in 2023, according to ECB projections. Monetary policy normalization will continue in steps to withdraw accommodation.
Latvijas ekonomiskā situācija, darba tirgus un prognozesLatvijas Banka
Latvijas Bankas ekonomista Oļega Krasnopjorova prezentācija, kas izmantota 2019. gada 23. maijā Rīgā notikušā starptautiskā seminārā par darba tirgus izaicinājumiem.
Latvijas Bankas ekonomista Ulda Rutkastes prezentācijaLatvijas Banka
The document discusses labour market challenges and opportunities in the Baltic countries. It finds that labour shortages have again become an important obstacle to business expansion in the region. While unemployment rates are low, structural factors like skill mismatches still account for a significant portion of unemployment. The document examines both external and domestic sources that could help address labour shortages, such as immigration from neighboring countries with lower wages, increasing participation rates among underrepresented groups, and improving vocational training programs.
Reforms for a stronger and more integrated Europe OECD Economic Surveys EU eu...OECD, Economics Department
This document provides an economic summary and recommendations from the 2018 OECD Economic Survey of the European Union and Euro Area. It finds that while the economy is expanding and unemployment falling in the Euro Area, inflation remains below target. It recommends reforms to strengthen the monetary union, reduce financial fragmentation, improve long-term growth, and reform the EU budget. Specific policies include developing a common fiscal capacity and unemployment benefit scheme, expanding European capital markets, addressing barriers in services, and increasing digital skills.
This document provides a summary of economic indicators related to the COVID-19 pandemic in Belgium as of July 7, 2021. It includes charts and graphs showing trends in COVID-19 hospitalizations, vaccination rates, GDP, business and consumer confidence, employment levels, and other labor market indicators. The overall message is that the Belgian economy is gradually recovering as the pandemic situation improves thanks to vaccination progress, but some regional differences and risks remain.
Human capital as the key to economic developmentLatvijas Banka
This document discusses human capital as the key driver of economic development in Latvia. It finds that while Latvia's population and workforce are projected to decrease in the coming decades, there are still substantial internal labor reserves that could be activated, such as among the young and upper-middle aged men. Improving health outcomes and reducing excess mortality is identified as the most promising way to stop depopulation trends. Additionally, public spending on education and healthcare in Latvia has been modest and outcomes could be improved by increasing efficiency. Attracting high-skilled immigration through improved quality of life is also discussed but perceived livability in Riga does not yet lead to mass immigration.
This document discusses two major policy challenges facing Canada due to population aging: boosting productivity growth and making fiscal adjustments. Population aging will reduce the working-age population and labor force participation rates, slowing GDP growth. It will also increase spending on healthcare and pensions through higher costs for older groups. If costs rise 3.5% of GDP by 2040 as projected, and revenues only increase at historical rates, large deficits would result. Canada must pursue productivity-enhancing policies and make difficult choices to control spending growth or increase taxes to balance fiscal pressures from an aging population.
The document is the 2016 OECD Economic Survey of Germany. It discusses Germany's strong economic recovery after the recession, low unemployment rate, and high levels of well-being. However, it notes investment is low compared to other countries, which contributes to low productivity growth. It recommends increasing investment in infrastructure and removing barriers in professional services to boost competition and productivity, especially in the services sector. It also addresses issues around population aging, increasing immigration, education outcomes for immigrants, and encouraging more women and older workers to remain in the labor force.
Latvijas Bankas ekonomistes Santas Bērziņas un Ievas Opmanes prezentācija sanāksmē ar starptautisko reitinga aģentūru "Moody's Investors Service" 2022. gada 24. martā.
This document provides an economic survey and recommendations for Lithuania conducted by the OECD. It summarizes that while incomes and GDP have been converging with OECD averages, unemployment has declined, and exports have been robust, poverty remains high. Key recommendations include reducing social security contributions for low-income workers, increasing property taxes exempting low-income households, and strengthening vocational education and training to promote more inclusive growth.
Presentation to jelf employee benefits seminar 13 july 2015Mark Beatson
The UK economy is expected to see sustained but modest growth over the next five years, with further employment increases and some tightening in the labour market. However, real wage growth is unlikely unless productivity recovers from its below-pre-recession levels. Additional fiscal consolidation is anticipated in the public sector, while employment growth will be concentrated among workers over 50. Demand will be strongest for high-skilled jobs, but questions remain about the UK's skills supply matching these requirements.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Achieving an inclusive and sustained recovery Greece 2018 OECD Economic SurveyOECD, Economics Department
This document provides an economic survey of Greece by the OECD in 2018. It summarizes that the Greek economy is recovering from its crisis, with GDP and employment growing while unemployment is falling. However, productivity continues to decline and poverty remains very high. Additional structural reforms in areas like public administration, taxation, pensions, education and reducing non-performing loans would help boost inclusive and sustainable growth.
Lekcija: Latvijas tautsaimniecība – pārkaršanas riski (English)Latvijas Banka
Latvijas tautsaimniecības izaugsme ir paātrinājusies. Arī iedzīvotāju ienākumi pakāpeniski aug. Atšķirībā no krīzes laika - kas šobrīd ir savādāk?
Prezentācijā tiek analizēti:
• Latvijas tautsaimniecības izaugsmi noteicošie faktori;
• Tautsaimniecības attīstību raksturojošie strukturālie rādītāji;
• Līdzsvarotai attīstībai nepieciešamās kapacitātes veidošanās līdzšinējās tendences un
• Nākotnes iespējas.
The document summarizes economic forecasts and recent economic data from Spain, the Eurozone, the UK, and China:
1) The Bank of Spain outlines two scenarios for Spain's economy depending on the course of the pandemic, with GDP projected to fall 10.5-12.6% in 2020 before a partial recovery in 2021.
2) Unemployment in Spain is forecast to rise to 17.1-18.6% in 2020 and remain elevated at 19.4-22.1% in 2021.
3) The public deficit in Spain is expected to widen significantly to 10.8-12.1% of GDP in 2020, with debt levels rising to 116.8-120
The Wind of Change: Economic and Financial OutlookLatvijas Banka
Presentation by Governor of Latvijas Banka and member of the Governing Council of the European Central Bank Mārtiņš Kazāks during discussion on Latvia's economic developments in Brussels.
1) Inflation remains high and risks of second-round effects on wages and de-anchoring of inflation expectations persist. Monetary policy will need to go beyond neutral rates and hikes will become more cautious to return inflation to 2% in the medium term.
2) Industrial production figures hide disruption in energy-intensive industries, whose outlook remains weak. Inflation has increased broadly across countries due to high energy and food prices, and core inflation is also picking up.
3) Recession risks are rising as geopolitical uncertainty and the war in Ukraine push the euro area closer to contraction in 2023, according to ECB projections. Monetary policy normalization will continue in steps to withdraw accommodation.
Latvijas ekonomiskā situācija, darba tirgus un prognozesLatvijas Banka
Latvijas Bankas ekonomista Oļega Krasnopjorova prezentācija, kas izmantota 2019. gada 23. maijā Rīgā notikušā starptautiskā seminārā par darba tirgus izaicinājumiem.
Latvijas Bankas ekonomista Ulda Rutkastes prezentācijaLatvijas Banka
The document discusses labour market challenges and opportunities in the Baltic countries. It finds that labour shortages have again become an important obstacle to business expansion in the region. While unemployment rates are low, structural factors like skill mismatches still account for a significant portion of unemployment. The document examines both external and domestic sources that could help address labour shortages, such as immigration from neighboring countries with lower wages, increasing participation rates among underrepresented groups, and improving vocational training programs.
Reforms for a stronger and more integrated Europe OECD Economic Surveys EU eu...OECD, Economics Department
This document provides an economic summary and recommendations from the 2018 OECD Economic Survey of the European Union and Euro Area. It finds that while the economy is expanding and unemployment falling in the Euro Area, inflation remains below target. It recommends reforms to strengthen the monetary union, reduce financial fragmentation, improve long-term growth, and reform the EU budget. Specific policies include developing a common fiscal capacity and unemployment benefit scheme, expanding European capital markets, addressing barriers in services, and increasing digital skills.
Similar a Darba tirgus izaicinājumi Latvijā un Eiropas Savienībā: no pandēmijas līdz krīzei Ukrainā (20)
Latvijas tautsaimniecības makroekonomiskā attīstība | Septembris 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 29. septembrī par jaunākajām ekonomikas prognozēm.
Latvijas Bankas Finanšu pratības daļas vadītājas Aijas Brikšes prezentācija Rīgas Izglītības un informatīvi metodiskā centra seminārā skolotājiem "Drošs internets un droša digitālā finanšu pratība" 2023. gada 29. augustā.
Latvijas Bankas Makroekonomikas analīzes daļas galvenās ekonomistes Baibas Brusbārdes prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Bankas Monetārās politikas analīzes daļas galvenās ekonomistes Anetes Kravinskas prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Bankas Makroekonomikas analīzes daļas galvenā ekonomistes Dainas Paulas prezentācija seminārā "Aktualitātes ekonomikā" 2023. gada 24. augustā.
Latvijas Banka has revised Latvia's macroeconomic forecasts for 2023-2025. Inflation is projected to decline to 10% in 2023 and further to 2.7% in 2024 and 2.6% in 2025. GDP growth is forecast to be 0.5% in 2023, then increase to 3.7% in 2024 and 3.3% in 2025. Unemployment is projected to remain stable around 7.3-7.4% through 2025. The general government deficit is expected to decline from 4% of GDP in 2023 to around 2.7-1.5% of GDP in 2024-2025.
Latvijas tautsaimniecības makroekonomiskā attīstība | Marts 2023Latvijas Banka
Latvijas Bankas prezidenta Mārtiņa Kazāka un Monetārās politikas pārvaldes vadītāja Ulda Rutkastes prezentācija 2023. gada 31. martā par jaunākajām ekonomikas prognozēm.
Eiro banknošu pretviltošanas elementi un to pārbaudeLatvijas Banka
Šī Latvijas Bankas naudas zīmju ekspertu prezentācija iepazīstina ar eiro banknošu pretviltošanas elementiem un veidiem kā ikviens var pārlecināties par banknošu īstumu. Vienkāršākais veids - aptaustiet, apskatiet un pagroziet banknotes!
Kā atpazīt ar pretzagšanas ierīcēm bojātas banknotesLatvijas Banka
Latvijas Banka nemaina un neatgriež ar drošības tinti iekrāsotas banknotes, jo tās varētu būt iegūtas noziedzīgā ceļā. Izņēmums ir gadījumi, kad naudas zīmes iesniedz īpašnieks vai tā pilnvarotā persona, kurš ir cietusī persona saistībā ar noziedzīgu darbību vai tās mēģinājumu, kas izraisījusi banknošu bojājumus.
Kā atpazīt šādi bojātas banknotes?
Vairāk informācijas par šādi bojātām banknotēm: https://www.ecb.europa.eu/euro/banknotes/ink-stained/html/index.lv.html
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
South Dakota State University degree offer diploma Transcriptynfqplhm
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University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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Darba tirgus izaicinājumi Latvijā un Eiropas Savienībā: no pandēmijas līdz krīzei Ukrainā
1. Labour market challenges in Latvia and the EU:
from pandemics into Ukraine crisis
Olegs Krasnopjorovs
«The Future of Jobs», 12.05.2022.
2. ►How labour market came out of the Covid-19 pandemics?
►Russia’s invasion in Ukraine: how it affected macroeconomic forecasts?
►What are the long-term labour market challenges in Latvia?
Presentation outline
3. Source: Central Statistical Bureau of Latvia data, author’s calculations
Unemployed and state support receivers
(% of economically active population)
3
Covid-19 overall impact on the labour market was limited
Unemployment and employment rates
over 2002 – 2022 (%)
8.4 7.9 8.1 7.8 7.2 7.1
3.2
6.3
2.4
1.0
1.3
0.4
3.5
0
2
4
6
8
10
12
14
16
18
Q3 Q4 Q1 Q2 Q3 Q4
2020 2021
Unemployment rate Furlough (dīkstāves) benefit Wage subsidy
Without massive state support programmes
unemployment rate would be almost twice bigger
2020
2021
2022
2002
2008
2010
7. 2002
2007
2010
2019
2021
-5
0
5
10
15
20
25
30
35
5 10 15 20
Annual
wage
growth
(%)
Unemployment rate (% of economically active population)
Source: Central Statistical Bureau of Latvia and European Commission data; author’s calculations.
Phillips curve (Latvia over 2002 - 2021)
7
Natural rate of unemployment decreased moderately over the years (but ↑ slightly
during the pandemics); there is a room for a further decrease
Economic
downturn
Economic
overheating
Natural rate
of unemployment ↑
Natural rate
of unemployment ↓
8. IEROBEŽOTA PIEEJAMĪBA
Source: Central Statistical Bureau of Latvia and State Revenue Service data; author’s calculations 8
Employment dynamics differs across occupations and sectors
Number of employees (%; changes
compared to Q4 2019; seasonally adjusted)
Red (green): relatively large decrease (increase) in the number of
employees during the reference month
0
2000
4000
6000
8000
2020
I
III
V
VII
IX
XI
2021
I
III
V
VII
IX
XI
2022
I
Number of jobs in selected occupations
(Jan 2020 – Feb 2022)
0
200
400
600
800
1000
1200
1400
2020
I
III
V
VII
IX
XI
2021
I
III
V
VII
IX
XI
2022
I
Hotel Receptionists
0
250
500
750
1000
1250
1500
1750
2020
I
III
V
VII
IX
XI
2021
I
III
V
VII
IX
XI
2022
I
Travel Attendants, Conductors
and Guides
0
2000
4000
6000
8000
10000
2020
I
III
V
VII
IX
XI
2021
I
III
V
VII
IX
XI
2022
I
Cooks Software Developers
White colour here…
9. IEROBEŽOTA PIEEJAMĪBA
Source: Central Statistical Bureau of Latvia and State Revenue Service data; author’s calculations
Number of employees with work income (index; Feb 2020 = 100; seasonally adjusted)
9
Young people suffered more layoffs;
Men and women were similarly affected in the medim term
White colour here…
Youth: 1) bigger employment in accommodation and food;
2) low qualification: will be easy to find these employees after crisis
=> higher probability of dismissal.
60+: 1) bigger employment in education and healthcare (almost no layoffs);
2) ↑ population in this age group.
80
85
90
95
100
2020
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
2021
I
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
2022
I
II
18-29 30-45 45-60 60+
80
85
90
95
100
2020
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
2021
I
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
2022
I
II
Men Women
In the short run: women were more affected than men;
In the medium term: men and women were similarly affected.
10. 85
90
95
100
2020
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
2021
I
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
2022
I
II
Public sector Private sector
10
Layoffs were bigger among the private sector employees,
and among firms located in Riga
Source: Central Statistical Bureau of Latvia and State Revenue Service data; author’s calculations.
Number of employees with work income (index; Feb 2020 = 100; seasonally adjusted)
85
90
95
100
2020
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
2021
I
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
2022
I
II
Riga Pieriga Vidzeme Kurzeme Zemgale Latgale
Pieriga: deep employment slowdown, but faster recovery
11. 11
Low-wage workers suffered more layoffs;
high-wage workers faced wage rises
Ranged by 2019 occupational mean wage – percentile rank
Source: State Revenue Service data; author’s calculations.
For methodology see Dolado, Felgueroso, Jimeno (2020). «The Spanish Labour Market at the Crossroads: Covid-19 meets and megatrends»
High wage
Low wage
-20
-10
0
10
20
30
below
400
400-700
700-1000
1000-1500
1500-2000
2000-3000
3000-4000
above
4000
Number of employees in the private sector subject to earned
gross monthly wage (%; Jan – Nov 2021 compared to
February 2020; seasonally adjusted)
Change in employment share during Apr 2020 – November 2021,
subject to mean wage in 2019 (smooth local regression with 95%
confidence interval; based on 3-digit ISCO occupation breakdown)
Y-o-y
change
in
employment
share
in
April
2020
–
November
2021
(pp.)
Gross monthly wage (euro)
13. 0
1000
2000
3000
4000
5000
6000
7000
8000
2008
I
VII
2009
I
VII
2010
I
VII
2011
I
VII
2012
I
VII
2013
I
VII
2014
I
VII
2015
I
VII
2016
I
VII
2017
I
VII
2018
I
VII
2019
I
VII
2020
I
VII
2021
I
VII
2022
I
IT
Number of employees with wage exceeding 3 thousand euro (gross; per month; seasonally adjusted data)
13
Number of high wage earners increased in almost all sectors
0
500
1000
1500
2000
2500
2008
I
VII
2009
I
VII
2010
I
VII
2011
I
VII
2012
I
VII
2013
I
VII
2014
I
VII
2015
I
VII
2016
I
VII
2017
I
VII
2018
I
VII
2019
I
VII
2020
I
VII
2021
I
VII
2022
I
Construction
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
2008
I
VII
2009
I
VII
2010
I
VII
2011
I
VII
2012
I
VII
2013
I
VII
2014
I
VII
2015
I
VII
2016
I
VII
2017
I
VII
2018
I
VII
2019
I
VII
2020
I
VII
2021
I
VII
2022
I
Professional and
administrative services
0
500
1000
1500
2000
2500
3000
3500
4000
4500
2008
I
VII
2009
I
VII
2010
I
VII
2011
I
VII
2012
I
VII
2013
I
VII
2014
I
VII
2015
I
VII
2016
I
VII
2017
I
VII
2018
I
VII
2019
I
VII
2020
I
VII
2021
I
VII
2022
I
Manufacturing
0
2000
4000
6000
8000
10000
12000
14000
16000
2008
I
VII
2009
I
VII
2010
I
VII
2011
I
VII
2012
I
VII
2013
I
VII
2014
I
VII
2015
I
VII
2016
I
VII
2017
I
VII
2018
I
VII
2019
I
VII
2020
I
VII
2021
I
VII
2022
I
Public administration,
education
and healthcare
0
200
400
600
800
1000
1200
2008
I
VII
2009
I
VII
2010
I
VII
2011
I
VII
2012
I
VII
2013
I
VII
2014
I
VII
2015
I
VII
2016
I
VII
2017
I
VII
2018
I
VII
2019
I
VII
2020
I
VII
2021
I
VII
2022
I
Agriculture
14. 4.2
1.8
0
1
2
3
4
5
2021 December forecast 2022 March forecast
6.1
9.5
0
2
4
6
8
10
2021 December forecast 2022 March forecast
Source: Bank of Latvia forecasts.
Macroeconomic forecasts (for 2022)
14
Russia’s invasion in Ukraine calls for a revision of GDP and inflation
forecasts. However, unemployment forecasts changed little
Consumer price inflation (%)
Unemployment (% of economically active population) Average wage growth (%)
Real GDP growth (%)
7.5
8.1
0
3
6
9
2021 December forecast 2022 March forecast
7.5
9.7
0
2
4
6
8
10
2021 December forecast 2022 March forecast
15. ► 28 ths. Ukraine refugees registered in Latvia (1.4% of Latvian population);
► Precise number is not known:
might be bigger: Ukraine citizens which don’t need any help can live in Latvia for 3 months without informing authorities;
might be smaller: unrecorded number of refugees returned to Ukraine or went to other EU countries after registering in Latvia.
At least 4 ths. already work in Latvia; some will begin to work in the coming weeks (up to ~40% of all Ukraine refugees):
► ~50% of refugees in the working-age (men in age 18-60 are not allowed to leave Ukraine);
► ~80% of them will be employed (-: need to acquire language skills, receive professional skill recognition;
+: very positive attitude from Latvian entrepreneurs).
► => ~ 40% of Ukraine refugees will be employed in the labour market.
11 ths. = 1.2% of Latvian employed people; unlikely to have a substantial impact on the labour market.
► Possible sectors: trade, catering, manufacturing (i.e., textile). Not in construction (majority of refugees are women).
► Currently, the influx of Ukraine refugees is decreasing. Future developments may depend on duration/outcome of the war.
Impact of Ukraine refugees influx to the Latvian labour market
is expected to be limited
15
Source: author’s calculations.
16. Source: Central Statistical Bureau of Latvia data, author’s calculations. 16
Skill mismatches and structural unemployment are long-term
challenges that must be addressed…
Employed to working-age population ratio by
education level (%)
Beveridge curve in the regions of Latvia (2016 – 2021)
Latgale: high unemployment miracle is a result of labour market
mismatches, not an absence of vacancies.
0
10
20
30
40
50
60
70
80
Total Higher
education
Vocational
secondary
education
General
secondary
education
Basic
education
17. 0
5
10
15
20
25
30
35
25-34 35-44 45-54 55-64
EU6 Estonia Latvia Lithuania
Source: Eurostat data, author’s calculations.
Participation in education and training
(last 4 weeks; % of population; in 2021)
17
… taking roots in low levels of lifelong learning,
digital skills, health
Individuals with at least basic digital
skills (% of population; in 2021)
* EU6 countries are Denmark, Germany, Netherlands, Austria, Finland and Sweden.
0
10
20
30
40
50
60
70
80
90
16-24 25-34 35-44 45-54 55-64 65-74
EU6 Estonia Latvia Lithuania
Self-perceived health (0-100 scale)
40
50
60
70
80
90
16-24 25-34 35-44 45-54 55-64 65-74
EU6 Estonia Latvia Lithuania
18. ► How labour market came out of the Covid-19 pandemics?
Overall impact of pandemics on the labour market was limited; but varied substantially by sectors,
occupations and population groups, with low-income workers affected the most. Massive state
support programs prevented a rise of unemployment and income inequality;
► Russia’s invasion in Ukraine: how it affected macroeconomic forecasts?
Limited effects on ↓ GDP and ↑ unemployment. Influx of Ukraine refugees: 1.0 – 1.5% of Latvian
population and employment;
► What are the long-term labour market challenges in Latvia?
Skill mismatches and structural unemployment: ↓ over the last 15 years, but ↑ somewhat during the
pandemics. Needs further human capital development (lifelong learning, digital skills, health).
Takeaways
18