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Waves of returns don't spoil Poland's falling jobless rate |
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Monday, 07 June 2010 08:46 |
Alleged waves of Poles returning to Poland from the recession-hit economies of the UK and Ireland have done nothing to dent the new EU member's falling unemployment rate trend. After a hiccup in 2008 and 2009, the rate of joblessness is again falling, according to the latest forecasts from the country's Labour Ministry published today.
The figures suggest joblessness will fall to 12 percent in May from 12.3 percent in April. It has been falling since a recent peak of 13 percent in February. Despite economic growth slowing to about 1.8 percent in 2009, it had the enviable title of Europe's ONLY growing economy that year. And in 2010, the economy is expected to grow by around 3 percent as the economy accelerates and benefits from shoots of recovery in the euro zone.
The country was immune from much of the global credit crisis thanks to a tight lending policy by Poland's banks and low exposure to U.S. banks' risks. Also the country has benefited from tax cuts which boosted the economy, and European Union funds which helped major projects. The country's falling joblessness may also be benefiting from seasonal factors as jobs are created in outdoor industries in the country's massive agricultural and construction sectors. The actual figures will be released at the end of June.
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