The Impact of the Global Crisis on the Labour Market in Romania

Balanescu Madalina ()
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Balanescu Madalina: “Constantin Brâncoveanu” University of Pitesti

Ovidius University Annals, Economic Sciences Series, 2010, vol. X, issue 1, 527-532

Abstract: In recent times people have been speaking more often about the global economic and financial crisis and the effects it has on the economies of the world’s states. Countries with strong economies such as the USA, Japan or the developed countries in Europe have suffered from the global crisis, its implications being also great both economically and socially. The global crisis had a strong impact on the Romanian economy as well. For this reason, in this paper I have presented the situation of unemployment in Romania since the setting up of the crisis until February 2010 so that one could understand the gravity of the situation on the labour market in Romania. According to the data presented in the paper, during the period considered the number of unemployed people in Romania has doubled, because of closing down many companies with domestic or foreign capital. An analysis of unemployment is made in this paper in terms of: the level of training of the people made redundant, the gender distribution of the unemployed, but also of the way different development regions of the country and the corresponding counties are affected by unemployment. Job insecurity overlaps with salary uncertainty (during the crisis the salaries remain frozen at the previous level or record reductions) lead to reducing the demand, both within the country and for export, the effects being felt directly by the producing companies, but also by population as labour force and consumers.

Keywords: financial crisis; global and national economies; labour market; unemployment (search for similar items in EconPapers)
JEL-codes: E32 G01 J40 J60 J68 O11 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ovi:oviste:v:10:y:2010:i:1:p:527-532

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