As 2023 draws to a close, it's time to reflect on the current state of the Dutch labor market and look ahead to what 2024 might bring. Here's a snapshot:
2023 Recap: The employed labor force has grown to about 9.72 million. Despite global economic challenges, the Dutch economy showed resilience with the labor market remaining strong and tight.
Job Vacancies: There were 437,000 job vacancies at the end of March, indicating continued tightness in the labor market, leading to better conditions for job switchers.
Market Dynamics: A slight easing in labor market tension was observed with a decrease in vacancies and a slight rise in unemployment, resulting in 114 vacancies per 100 unemployed people.
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š 2024 Forecast:
Economic Growth: The economy is expected to grow by 1.1% in 2024 and 1.7% in 2025. This is a slowdown from the rapid growth in previous years but still signifies a stable outlook.
Labor Market: The labor market is expected to continue being tight, with vacancies outnumbering unemployed persons. Sectors are likely to experience varying degrees of tightness.
Unemployment Rate: A slight increase in the unemployment rate is projected, rising to 3.9% in 2024.Ā
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