New forecasts from the Norwegian Labor and Welfare Administration (NAV) show that the labor market will return to normal much earlier than expected.
“Now we see very positive developments. The situation has improved faster than we expected,” NAV chief Hans Christian Holte told newspaper E24.
In the previous quarter, the NAV reckoned that unemployment would still be at a much higher level by the end of 2022 than before the corona crisis, but they are more optimistic in the forecast for the third quarter.
The NAV expects a registered unemployment rate of 3.3% and 2.6% of the labor force in 2021 and 2022, respectively. 2.6% corresponds to the average for unemployment in the 15 years before the corona crisis, but in 2019 the unemployment rate was 2.3%.
“There will still be higher unemployment at the end of 2022 than there was before the corona crisis, but (it will be) closer to normal levels, historically,” Holte said.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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