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How Resilient Is the Labor Market After a Crisis? A Comparative Analysis of the Effects Generated by the Financial Crisis vs. the COVID-19 Crisis

In: Crisis after the Crisis: Economic Development in the New Normal

Author

Listed:
  • Valentina Vasile

    (Institute of National Economy)

  • Raluca Mazilescu

    (Institute of National Economy)

  • Marius Surugiu

    (Institute of National Economy)

Abstract

The crises of the last decades, regardless of their nature, have influenced the labor market, with delayed and prolonged effects. The impact of the financial crisis of 2008–2009 and the COVID-19 one not only affected the level of employment but also generated major changes in the structure of employment, in the content of jobs, and in the dynamics of labor market reforms, the effects being delayed, amplified, and prolonged. Moreover, they reconfigured the balances, deepened gaps, and generated new inequities. Various countries and industries saw diverse outcomes from the post-crisis recovery, as well as differences in the recovery length and consequences from the different policy instruments and measures used. In some situations, the recovery was only partially successful. Using the unemployment rate as a balance indicator and the NEETs rate and job vacancy rate as indicators for a strong recovery, we examined some of the consequences of the crisis on the labor market in this chapter. We focused on the effects of the labor market changes during and after the crisis on economic development measured by gross domestic product (GDP)/capita. The results of the comparative analysis identified to what extent the economic recovery is dependent on the resilience of the labor market.

Suggested Citation

  • Valentina Vasile & Raluca Mazilescu & Marius Surugiu, 2023. "How Resilient Is the Labor Market After a Crisis? A Comparative Analysis of the Effects Generated by the Financial Crisis vs. the COVID-19 Crisis," Springer Proceedings in Business and Economics, in: Luminita Chivu & Ignacio De Los Ríos Carmenado & Jean Vasile Andrei (ed.), Crisis after the Crisis: Economic Development in the New Normal, chapter 0, pages 335-366, Springer.
    • Handle: RePEc:spr:prbchp:978-3-031-30996-0_24
    DOI: 10.1007/978-3-031-30996-0_24
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