Bank of Albania warns, crisis for employees could deepen even further this year

The crisis for employees could deepen even further this year. This is the warning of the Bank of Albania in its Monetary Policy Report for the first quarter of this year.

“The slow growth in employment during the third quarter of 2024, according to administrative data, has been accompanied by high levels of the “labor shortage” factor throughout the year. Also, survey indicators point to lower business expectations for employment and higher unemployment among consumers during the fourth quarter.”

Data from the Institute of Statistics shows that there are currently 74,730 Albanians registered as unemployed with employment offices. Most have secondary education, but there are also approximately 7,000 others with higher education.

"We must encourage young people to stay here and enter the job market. Otherwise, we will face many difficult days," says Ergesta Stërmasi.

On the other hand, there are over 32 thousand registered job seekers who are receiving economic assistance, while businesses continue to look abroad to hire employees.

"This is a short-term solution. It is an experiment, the results of which have been shown before. Our attention must be on the young people in the country. There are also many costs to their behavior," adds Ergesta Stërmasi.

The Bank of Albania says that during the end of 2024, wage growth has slowed down, especially in the information and communication sectors, financial activities or in the field of real estate. (A2 Televizion)