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Unemployment to hit 26 per cent in 2012

Economics professor Savas Robolis predicts Greece's unemployment will hit 26 per cent next year

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2 Oct 2011

The rate of real unemployment will reach 26 per cent next year, according to economics professor and director of the Labor Institute of the General Confederation of Greek Workers (GSEE-ADEDY) Savas Robolis. Speaking on Skai TV this week, Robolis said that while statistical unemployment figures will reach 21 per cent in 2012, real unemployment will hit 26 per cent, a figure representing 1.3 million Greeks.

This will lead to serious pressure on local social security services and loss of revenue for the state. The bleak figures do not take into account the recently announced civil servants' labor reserve scheme, said Robolis, who also noted that although some economic recovery is expected in 2015, the slow growth rate will be unable to absorb the country's high unemployment reserves. Meanwhile, a number of public sector employees are facing dismissals given it is unlikely that the target of absorbing 30,000 employees into the labor reserve scheme will be reached within the year.

Source: Kathimerini

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