World Bank says region getting better jobs, economic growth

World Bank says region getting better jobs, economic growth

World Bank says region getting better jobs, economic growth Izvor: N1

The latest World Bank report said that the jobs opened in the year which ended with the second quarter of 2018 are of a higher quality than those opened a year earlier, the World Bank’s senior economist Gonzalo Reyes told N1.

According to that report some 68,000 new jobs were opened in the from the second quarter of 2017 to the second quarter of 2018 compared to 231,000 a year earlier with the region reporting economic growth.

“We did not analyze the causes but those figures show a higher quality of the newly-opened jobs. Those 68,000 were opened in industry and services and the number of people working in agriculture has dropped. The number of self-employed is lower. The conclusion is that economic growth has been recorded even though the number of new jobs is lower,” Reyes said.

He said employment figures are higher but salaries remain low compared to European Union averages. Reyes said that the relationship between productivity and earnings is worse than in the EU, adding that this is a structural problem which is hard to solve. “Serbia and other countries in the region have to invest in quality education and have to bring their education systems in line with the labour market. That will bring higher salaries in time. A climate must also be created for people to start their own businesses and invest and attract young talents to keep them in the country because the brain drain is one of the biggest problems in the Western Balkans,” he said.

The World Bank feels that the countries of the region should look into progressive taxation with people earning less paying less taxes which would make employment easier, he said and added that the social security system has to be reformed to make it sustainable and lower the dues.

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