There is an assessment that Ukrainian refugees who settled in Europe to escape the Russian invasion could gradually alleviate the local labor shortage.
In a report titled "The Impact of Ukrainian Refugee Inflows on Euro Area Labor Supply," published on the European Central Bank (ECB) website on the 20th, it was stated that the labor force in the eurozone could increase by 0.2?0.8% (median value) in the short to medium term due to the influx of refugees. This translates to an increase of 300,000 to 1.3 million workers.
The EU is currently experiencing low unemployment rates, making it difficult to secure labor. The report forecasted that the influx of refugees could "slightly alleviate" this issue. However, it pointed out that barriers to labor market entry and other friction factors act as significant obstacles, making it difficult to integrate refugees into the host countries' labor markets in the short term.
When estimating these figures, the report assumed that 25?55% of refugees of working age would settle in the host countries and integrate into society. The United Nations High Commissioner for Refugees (UNHCR) projected that a total of 8.3 million refugees would leave Ukraine by the end of this year.
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