Page 23 - UKRRptOct22

4.5 Labour and income
4.5.1 Labour market, unemployment dynamics
In the long-term, the Ukraine Unemployment Rate is projected to trend around 10.00 percent in 2023 and 9.00 percent in 2024, according to Trading Economics.
4.5.2 Nominal wages dynamics
Wages in Ukraine decreased to UAH14,577 per month in January from UAH17,453 in December of 2021, according to the National Bank of Ukraine's (NBU) most recent data available.
Wages in Ukraine have been rising faster than those in Russia in recent years, but quite apart from the problems that a war with Russia has caused business, the devaluation of the hryvnia in the last months has once again make Ukraine the poorest country in Europe, with wages $150 lower than those in Moldova, in dollar terms.
This is not the first time that Ukraine has won this dubious accolade. In 2018 the International Monetary Fund (IMF) briefly ranked Ukraine as the poorest country in its October World Economic Outlook, when it estimated per capita income at current prices in US dollar terms stood at $2,964.193, just behind that of Moldova with $3,226.717 and bottom of the list. However, after the 2019 Ukrainian election of President Volodymyr Zelenskiy incomes began to lift and
23 UKRAINE Country Report October 2022 www.intellinews.com