Nobel laureate for Economics: Reform labour market unless you want to end up like Spain -
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News » March, 2011 » 14 March 2011

Nobel laureate for Economics: Reform labour market unless you want to end up like Spain
14.03.2011, 23:50 | HR Careers Education | 858 views

British-Cypriot professor Christopher Pissarides says unless Romania wants to end up in a similar position to Spain, where youth unemployment is 43%, it needs to make the labour market more flexible by using temporary employment contracts.

In Spain, where youth unemployment reached a historic high of 43%, temporary employment contracts were very little used, whereas Germany, where there is currently a workforce deficit and the lowest unemployment rate in the last 18 years, saw the fastest rebound because it allowed the labour market to become more flexible through temporary contracts and by cutting wages and working hours.

In Romania almost one in five unemployed as registered in the autumn of last year were under 29, with 160,000 youth unable to find a job at the time.


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