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

Author

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  • Balanescu Madalina

    () (“Constantin Brâncoveanu” University of Pitesti)

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.

Suggested Citation

  • Balanescu Madalina, 2010. "The Impact of the Global Crisis on the Labour Market in Romania," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 527-532, May.
  • Handle: RePEc:ovi:oviste:v:10:y:2010:i:1:p:527-532
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    More about this item

    Keywords

    financial crisis; global and national economies; labour market; unemployment;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G01 - Financial Economics - - General - - - Financial Crises
    • J40 - Labor and Demographic Economics - - Particular Labor Markets - - - General
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General
    • J68 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Public Policy
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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