Tag #Greek Labor Market

What are the most significant challenges facing the Greek labor market despite the recent decrease in unemployment?

Despite a significant drop in unemployment to below 10 percent in 2024—the first time since the 2009 crisis—Greece's labor market participation rate slightly decreased to 60.3 percent in Q3 2024 from 60.4 percent in Q3 2023. This decrease is primarily attributed to lower participation among women and young people, key targets of employment policies. Simultaneously, job vacancies increased despite high unemployment, indicating skill mismatches and structural unemployment.",A2="The decline in labor market participation, coupled with rising job vacancies, highlights a critical skills gap in the Greek economy. This mismatch between available workers and employer needs contributes to persistent unemployment and underperformance. Government initiatives for 2025 aim to address this by focusing on actions to reduce unemployment and fill vacancies, including measures to improve gender equality and implement a new seasonal employment framework.",A3="Addressing the skill gap requires substantial investment in adult education, particularly in high-demand sectors like technology and engineering. Increasing participation in lifelong learning and improving training program quality are crucial steps to enhance productivity. The success of these measures will significantly impact Greece's economic growth and competitiveness, as evidenced by the fact that only 21.7 percent of Greek businesses provide continuous professional training, compared to 72.6 percent in the EU.",Q1="What are the most significant challenges facing the Greek labor market despite the recent decrease in unemployment?",Q2="How do skill mismatches contribute to the current labor market dynamics in Greece, and what are the specific impacts on different demographic groups?",Q3="What long-term strategies are needed to address the underlying issues of skill gaps and low labor market participation, and what are the potential outcomes of these strategies?",ShortDescription="Greece's unemployment rate fell below 10 percent in 2024 for the first time since 2009; however, labor market participation slightly decreased due to lower participation among women and young people, while job vacancies increased to 46,997 (up 27.1 percent year-on-year) in Q3 2024, highlighting skill mismatches.",ShortTitle="Greek Unemployment Falls, but Skill Gaps and Low Participation Persist"))