The 1 million jobs lost during the country’s financial crisis will take at least 20 years to be recovered, the Labor Institute of the General Confederation of Greek Labor (INE/GSEE) said in its monthly report.
The institute underlined that it will be very hard to bring unemployment below 17 per cent before 2026, compared to a current rate of 28 per cent, even with the most optimistic scenario for an annual growth of the economy by 3.5-4 per cent. The reason for that, it said, is that the 17 per cent rate is attributed to the structural problems of the Greek economy.
In order for the economy to recreate the jobs lost since 2009, when the unemployed numbered just 450,000, it will need at least 20 years with an annual job creation rate of 50,000, INE/GSEE stated, basing its estimate on recent forecasts by the European Commission.
Source: ekathimerini
