Page 25 - UKRRptNov20

In particular, medicine and education are sectors where the level of wages is highly dependent on the minimum wage. The wage growth will support private consumption, which should lead the revival of the economy next year.
The National Bank of Ukraine (NBU) forecasts that real wages in Ukraine will grow by 6.2% in 2020 and by 9.5% in 2021, ​the regulator said on October 30. "After a short pause during strict quarantine measures, incomes of Ukrainians resumed growth," the regulator said. "Further economic recovery and rising social standards will support this process. Nominal wages are expected to grow by almost 9% in 2020 and by 16% in 2021. Real wages will increase by 6.2% and by 9.5%, respectively." The NBU added that the situation on the labour market is expected to improve. The unemployment rate after the growth to almost 10% in the second quarter will gradually return to neutral. According to the State Statistics Service, the index of real wages in Ukraine in September 2020 increased by 4.3% compared to August 2020.
25​ UKRAINE Country Report​ November 2020 ​ ​www.intellinews.com