By: The Quinnipiac University Economics Research Team, Nicholas Ciampanelli
According to the Czech Labour Office, the Czech Republic’s unemployment rate rose from 4% in December 2020 to 4.3% in January 2021. The rise in unemployment is being attributed to restrictive governmental measures along with the end of seasonal work & fixed-term contracts, which historically results in a spike in Czechia’s unemployment. Clearly the effects of the COVID-19 economic recession are ongoing, though the pandemic is only a partial cause of this increase.
As the COVID-19 economic recession persists, those who are self-employed will likely continue closing their businesses. People working in the hospitality, spas, culture, sales, and/or leisure industries have been the hardest hit so far. Given the current trends and outlook, the consulting company Moore Czech Republic projects Czechia’s unemployment will reach six percent by the end of 2021.
This article is based on: https://english.radio.cz/unemployment-climbs-34-percent-january-8707532