ANALYSIS OF THE UNEMPLOYMENT RATE IN THE CZECH REPUBLIC BY AGE GROUPS WITH A FOCUS ON THE IMPACT OF COVID-19
Abstract
This paper analyzes the development of unemployment in the labor market in 2009-2020 in Czechia, however, the focus is drawn to the year 2020 and to the impact of Covid-19. The main aim is to describe how the Covid-19 and connected restrictions affected unemployment in national economy and in five age categories.
The main indicators - the general unemployment rate, the NAIRU, and the unemployment gap were compared and analyzed for the national economy and five age groups (15-39). While the general unemployment rate and the unemployment gap have risen due to Covid-19 and the associated restrictions, the NAIRU was not significantly affected.
The effect of the pandemic manifested itself most rapidly in the 2nd age category (20-24). For the rest of the age categories, we found a gradual increase in unemployment, or its acceleration a period later after the easing of the hard lockdown.
The expectation is that in the following periods of 2020/21 the full impact of the Covid-19 pandemic will be more visible by an increasing tendency in the unemployment rate in the entire national economy.