Alternative Unemployment Rates in Romania

Ștefan George (), Paraschiv Anca () and Volintiru Clara ()
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Ștefan George: Bucharest University of Economic Studies (ASE), Bucharest, Romania
Paraschiv Anca: Bucharest University of Economic Studies (ASE), Bucharest, Romania
Volintiru Clara: Bucharest University of Economic Studies (ASE), Bucharest, Romania

Proceedings of the International Conference on Business Excellence, 2022, vol. 16, issue 1, 1491-1504

Abstract: Official statistics and usual metrics place Romania at a relatively low level of unemployment. This paper shows why this can be misleading, considering various specificities of the Romanian economy. Looking at such factors as structural features, a high number of people employed in agriculture, involuntary part-time workers, etc. we show that there are alternative metrics for unemployment that can constitute better diagnostic tools for public policies and labor market reform. The alternative unemployment metrics presented here, show that the real unemployment figures in Romania are much closer to those in Mediterranean economies like Greece, Italy, and Spain that have been struggling with high unemployment. Furthermore, we emphasize possible directions and measures to be implemented in Romania to reduce unemployment (especially structural) and to support inter-regional social cohesion and sustainable economic growth. Given the current context of the economic downturn in the post-COVID-19 and the projected impact on vulnerable groups and the risk of poverty, it is more important than ever to develop sound evidence for the policy-making process.

Keywords: Unemployment; labor market; Romania; hysteresis; alternative unemployment metrics (search for similar items in EconPapers)
JEL-codes: F63 H00 J01 J21 O1 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:16:y:2022:i:1:p:1491-1504:n:23

DOI: 10.2478/picbe-2022-0137

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