World Bank: Recovery of Labor Market in Western Balkans, Serbia Should Support Most Vulnerable Population Categories

In several countries of the Western Balkans, employment levels reached historical highs by mid-2022. The employment rate increased in all countries and now averages 46%, according to the published World Bank’s Western Balkans Regular Economic Report.

The higher employment rate by mid-2022 is a 3-percentage point increase over mid-2021, and the economic growth recorded in the first half of 2022 is driven by private consumption and investment, the report says.

All sectors contributed to the job market recovery, with services (including tourism) playing an especially strong role.

– Higher energy and food prices have pushed inflation to levels unseen for many years, eroding purchasing power and business confidence – the World Bank says.

It is also pointed out that more recent data suggests that the labor market is beginning to cool with employment slowing amid high inflation and increased uncertainty.

Svetska Banka-WB Beograd

World Bank

Western Balkans

Western Balkans employment

employment rate in the region

World Bank Western Balkans Regular Economic Report

inflation

food prices

energy prices