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Lack of skilled labour likely to hamper economic growth
18 Jan '08
1 min read
Although Bulgaria has been able to bring down its unemployment rate below 7 percent by December last year, domestic industries are acutely facing shortage of skilled labourers.
In a press conference, human resource experts opined that this dearth of skilled workforce might decelerate the economic growth of the country.
Statistics show that companies have recorded 20 percent hike in wages, but overall productivity has not remained at par with this growth. Most of the enterprises are unable to cope this pressure and are contemplating to shift their production bases where the labour cost is economical.
Even few textile firms are mulling to move their production facilities to countries like Macedonia and Moldova.
Economy analysts fear that this strained scenario will most probably keep the potential foreign investors at bay.
In order to avoid this critical situation, industrial professionals stress that Government, now, must seriously consider importing not only advanced technology but also skilled labour.
In a press conference, human resource experts opined that this dearth of skilled workforce might decelerate the economic growth of the country.
Statistics show that companies have recorded 20 percent hike in wages, but overall productivity has not remained at par with this growth. Most of the enterprises are unable to cope this pressure and are contemplating to shift their production bases where the labour cost is economical.
Even few textile firms are mulling to move their production facilities to countries like Macedonia and Moldova.
Economy analysts fear that this strained scenario will most probably keep the potential foreign investors at bay.
In order to avoid this critical situation, industrial professionals stress that Government, now, must seriously consider importing not only advanced technology but also skilled labour.
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