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Financial Times: Migration affects Romanian, Bulgarian labor markets seriously

de     HotNews.ro
Luni, 12 noiembrie 2007, 0:00


With almost 2 million Romanians working abroad and a rapid economic growth, the Romanian labor market shrinks. Unemployment rates fell in Romania by 7% in 2003, reached 5.2% in 2006 and 4% this year, Financial Times reads, quoted by Romanian monitoring agency Rador.

Meanwhile, salaries grew considerably - by almost 20% annually starting in 2002, according to statistics of the European Bank for Reconstruction and Development.

Therefore, new project managers are complaining more and more about the lack of labor force in Romania.

According to UBS economist Clemens Grafe, specialized on European, Middle Eastern and African regions, the salary inflation manifests in the unskilled labor, a sector where workers can easily find jobs abroad.

The rapid salary growth in construction works exceeded the salary inflation as workers gained profits of over 50% more than in the similar period of the last year, real estate entrepreneur Diwaker Singh says.

According to Grafe, salary convergence could dissolve the economic pressures that influence migration waves earlier than estimated.






















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