Long-term unemployment is evolving into one of the severest structural problems of the Cyprus economy

Statement by Haris Polycarpou, Member of the Economic Research Department of the C.C. of AKEL

AKEL C.C. Press Office, 29th October 2014, Nicosia

 

The recent figures released concerning the duration of unemployment in Cyprus illustrate the destruction being caused by the austerity policies enforced in the labour market. More specifically, long-term unemployment is evolving into one of the severest structural problems of the Cyprus economy.

The number of the long-term unemployed has risen to 21,000 on average in 2014 in comparison to 16,000 in 2013. In combination with the reduction of jobs by 20,000 in 2013 and another 7,000 in the first six months of 2014, the change that is taking place in the structure of unemployment is evident. More and more working people are without a job for a period longer than 6 months.

The Government must end its perseverance on austerity policy and support development and growth, as well as the creation of new jobs. It must realise that the socio-economic situation of the working people, households and SME’s is deteriorating daily as a result of the economic policy being implemented through the Memorandum.