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New data for December: Slovenia is among the countries with the lowest unemployment rate in the EU!

In December 2020, the EU unemployment rate was 7.5 percent, up for one percentage point from November. Compared to December 2019, it increased by two percentage points. The unemployment rates were the highest in Greece, Spain and Lithuania. The lowest unemployment rates were recorded in the Czech Republic, Poland and the Netherlands. When it comes to unemployment during the epidemic, Slovenia is doing very well, as it is currently in seventh place (4.7 percent) on the ranking of countries with the lowest unemployment rate, which is a reflection of the effective measures adopted by the government.

The coronavirus pandemic has caused the closure of the economy and consequently also affected the employment rates among the population. The unemployment rate has risen to a large extent, more or less practically all over the world, while in the European Union, it has fallen slightly less than expected, presumably due to the help of intervention measures, taken by the EU member states.

The highest unemployment rate was recorded in Greece, according to the data for October, the unemployment rate in Greece was at 16.7 percent. Greece is followed by Spain, which recorded a rate of 16.2 percent in December. The third-ranked Lithuania is doing slightly better, as they recorded the unemployment rate of 10.1 percent.

The lowest unemployment rate was recorded in the Czech Republic (3.1 percent), Poland (3.3 percent) and the Netherlands (3.9 percent). These countries are followed by Hungary, which has recorded a 4.3 percent unemployment rate in November, Malta (4.5 percent), and Germany (4.6 percent). Slovenia ranks after Germany (4.7 percent) in terms of the unemployment rate, which ranks it among the seven countries with the lowest unemployment rate.

Sweden is also an interesting example, as it is otherwise a rich country, but has adopted the restrictive measures rather late. Sweden faces an 8.5 percent unemployment rate, which is a reflection of the past, as the unemployment rate in Sweden has been at somewhere between six and seven percent since 2015.

The government measures have greatly helped keep the unemployment rate low
If the state had not adopted the necessary legislative packages which helped mitigate the consequences of the epidemic, the unemployment rate would have been so much higher by now. Shortly after the epidemic was declared, the state provided subsidies for those on temporary leave, and later, it also provided financing for full-time work. While the economic activity progressed over the summer, the adoption of new measures was once again crucial in the winter months, but according to the government’s plan, the measures will remain in force at least until the end of April, in order to avoid the rising of the unemployment rate.

Sara Rančigaj

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