Wednesday Oct 24, 201210:51 AM GMT
Unemployment rate increases in Bosnia and Herzegovina
Wed Oct 24, 2012 10:52AM
Ivana Setic, Press TV, Sarajevo
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The global economic crisis has had it's effect on Bosnia and Herzegovina's, causing a rise in the unemployment rate. Data presented by the Labour and Employment Agency shows that the situation is becoming critical, and there is little hope for improvement in the near future.

The life standard of BiH citizens is getting worse and the unemployment itself is very high.

Labour and Employment Agency of Bosnia and Herzegovina has data that the current number of registered unemployed persons is more than half a million. All this data speak about a very difficult situation on the labor market in BiH.

Due to the global economic crisis, demand for labor and employment is reduced in many countries, including Bosnia and Herzegovina.

Given that the inflow of foreign investment in BIH has reduced drastically compared to to the previous years, it is reasonable to feel the consequences of the crisis on the labor market all through 2012.

According to the official data thousands of people lost their jobs from the beginning of 2012 which led to even higher unemployment rate.

Statistics show that a large number of those registered unemployed persons are young people so it is not surprising that brain-drain has become very frequent in Bosnia and Herzegovina.

Last year when another wave of crisis was announced due to the developments in Euro-zone, local authorities took no measures to prevent its negative effect.

With the new IMF arrangement BiH received 400 million euros and that arrangement will allow Bosnia to fulfil the budget gaps, but at the same time Bosnia is committed to implement reforms aimed to increase the incomes as well as economy status of citizens.

Although politicians are talking about changes and improvements, especially now after the local elections, analysts say there is no place of optimism that situation will improve in near future.
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