According to forecasts, 300,000 people may be missing from the Hungarian labor market by 2030

By: Trademagazin Date: 2024. 06. 19. 09:05

At a recent conference held by the Employers and Industrialists National Association (MGYOSZ), Sándor Czomba, State Secretary of the Ministry of National Economy, reported that Hungary could face a shortage of 300,000 workers by 2030. The shortage is attributed to demographic trends, the depletion of labor market reserves, and a lack of skills.

The conference aimed to present the findings of MGYOSZ’s latest research, which examined expected labor market changes across various regions of the country by 2035. Adrienn Bálint, MGYOSZ’s Director of Employment and Social Affairs, highlighted the current growing shortage of workforce and skills, primarily due to emigration and deficiencies in the educational system which urgently needs reform.

Bálint noted that while educational reforms could reduce regional disparities, their impact on the labor market would not be immediate, potentially taking over a decade to manifest. She also mentioned that automation, increasing social inequalities, economic duality, climate change, and the economic impact of renewable energy could further exacerbate the situation. However, improvements could be achieved by better aligning dual education with corporate needs.

Research by Dr. Peter Vakhal from the Kopint-Tárki Economic Research Institute and Dr. Rozália Jehoda Bogóné also indicated worsening expectations compared to the 2010s in terms of workforce loyalty, wage demands, and expertise.

These projections underscore significant upcoming challenges for the Hungarian labor market, requiring coordinated action and strategic planning in the coming decades.

Related news