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Labor Market

In: Business and Management

Submitted By sunshik
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The total number of registered unemployed has also grown rapidly from just over 50 000 in mid-2008 to almost 194 000 in March 2010, when it reached its maximum and started to diminish gradually (162 463 unemployed at the end of 2010).
According to Eurostat data, the unemployment rate for those aged 15-64 years has reached its st d maximum of 20.7% in the 1 quarter 2010 and lowered slightly to 18,2% in the 3 quarter 2010:
17,2
20,1
9,4
Average in EU
20,7
10,2
19,8
22,0 20,0 18,0 16,0 14,0 12,0 10,0
12,2
8,9
10,4
14,3
8,8
7,5
6,8
9,6 8,0 6,0 4,0
Unemployment rate in Latvia
6,0
Unemployment rate in Latvia and the EU, EUROSTAT data
At the end of 2007, average 30 000 registered unemployed were receiving unemployment benefits, and unemployment benefits’ expenses amounted 43.3 million LVL (61,7 MEUR); in 2008, 37 000 persons and 56.3 million LVL (80,2 MEUR); in 2009 – already 80 700 persons and 137.2 million LVL (195 MEUR) (almost three times more than in 2007). d Theeconomystartedtorecoverslowlyinthe3 quarterof2010,howevertheannualaverage growth rate for 2010 will still remain negative. Positive growth rate may be reached only in 2011. The social and economic situation in the country depends primarily on the stability of the macroeconomic environment – ability to develop the favourable environment for investors and entering of the foreign markets, to enhance possibilities for undertaking business activities under circumstances, whereby financial resources are available within a limited budget, as well as credit conditions for businesses. The important role is also devoted to entertaining and improvement of
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