The Economic Impact of the COVID-19 on the Serbia’s Labor Market: Statistics and Facts
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Abstract
The global pandemic caused by the COVID-19 public health crisis has affected the global economy, not sparing any single country. In order to identify weaknesses and threats posed to the Republic of Serbia’s labor force, this paper analyzes the impact of the crisis through the analysis of key macroeconomic indicators and key labor-market indicators. Serbia’s labor market has shown a positive trend over the last five years; the latest statistics show that the labor market itself has not yet felt the effects of the emergency caused by the global pandemic. Therefore, due to the implementation of emergency economic measures of the Republic of Serbia, the labor market has been buttressed; however, to what extent it would be able to weather another wave of severe economic interruption is unclear. The total impact the crisis has had on the labor market at the moment cannot be determined precisely as it is primarily determined by the inactivity within the economy as well as the second round of the pandemic which health experts largely predict to come by this year’s end. The sectors that will be most exposed to the impact of the crisis are expected to be manufacturing, wholesale and retail trade, the repair of motor vehicles and motorcycles, accommodation and food service activities as well as real estate activities. The results of research are significant for future studies centering on economic development as affected by global pandemics, as well as for analyzing the impact of the current crisis on the labor market and macroeconomic indicators in the Republic of Serbia.
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