The employment paradox in Albania/ Youth unemployment on the rise, despite labor shortage
Employment indicators appear to have continued to improve throughout 2024, compared to previous years. Official figures show that during the last quarter of 2024, the official unemployment rate in Albania for the population aged 15 and over was recorded at 8.8%, down from 9.5% in the last quarter of 2023. According to these data, the official unemployment rate decreased by 0.7 percentage points compared to the same period a year earlier, but increased compared to the third quarter of the same year. According to the figures, the unemployment rate for 2024 is estimated to be lower than in other years, but what remains worrying is the level of unemployment among young people.
The indicator for this age group continues to remain in double digits and significantly higher than other age groups. For the last quarter of the year, the indicator is estimated at 19.1%, increasing from the previous two quarters.
If we cross-reference the data with those of Eurostat regarding the last quarter of last year, we see that Albania and Spain, with an equal unemployment rate, lead Europe with the highest rate among young people aged 15-29. They are followed in the ranking by Greece, Serbia, Sweden and Finland.
Meanwhile, Malta, Germany and the Czech Republic register the lowest rate. The European Union average is estimated at 11.2% in the fourth quarter of 2024.
High youth unemployment in Albania is a complex problem that negatively affects the economic and social development of the country. While there is a shortage of labor in some sectors, many young people remain unemployed. This situation can be explained by several main factors. The first is related to emigration. A large part of young people choose to emigrate to find better economic opportunities abroad. This affects the shrinking of the young age group and the increase in long-term unemployment.
Lack of job opportunities, lack of professional preparation, and discouragement may be other factors. Many young people do not have the skills needed for the job market, leaving them unprepared for the positions sought by employers.
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