Serbia’s New Growth Agenda : Labor Market for Growth
Addressing Serbia’s labor market problems is critical to enhancing growth and job creation. Low labor force participation, relatively high unemployment, particularly among youth and other disadvantaged groups, and rising skills gaps currently imped...
| Main Authors: | , |
|---|---|
| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2020
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/122751585548173264/Serbia-s-New-Growth-Agenda-Country-Economic-Memorandum-Labor-Market-for-Growth http://hdl.handle.net/10986/33569 |
| Summary: | Addressing Serbia’s labor market
problems is critical to enhancing growth and job creation.
Low labor force participation, relatively high unemployment,
particularly among youth and other disadvantaged groups, and
rising skills gaps currently impede efficient use of human
capital and the prospects for sustained economic growth and
welfare improvements. Although there has been progress, more
jobs are needed if Serbia is to catch up with neighboring
countries in the European Union (EU). Robust growth in
employment will require a comprehensive agenda: boosting
private sector job creation on the demand side; reducing
barriers and disincentives to work and improving worker
skills on the supply side; and ensuring that labor market
intermediation and institutions facilitate employer-employee
matches. This note focuses on current labor market
performance and on skills and labor market policies to
support inclusive growth. Employment in Serbia’s formal
private sector is low; the full workforce potential is
underutilized; and labor productivity and real wages have
been relatively flat. Improving skills and reforming labor
market policies can boost both employment and productivity.
This note’s focus on skills and labor taxation, regulation,
and intermediation allows it to discuss specific policy
actions to support Serbia’s New Growth Agenda. Tackling
these issues will not only enhance Serbia’s human capital
and productivity for higher growth but will also boost
people’s incomes, reduce poverty, and grow the middle class. |
|---|