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IMPACT OF THE EUROPEAN INTEGRATION AND GLOBAL CRISIS ON LABOR MARKETS IN THE SLOVAK REPUBLIC
Abstract
Unemployment is a natural consequence of the development of market economies associated with the globalization of the world economy based on free choice and democracy, which is coupled with the need for labor mobility. It also reflects the cyclical development of the economy, but may grow into uncontrollable dimensions, which is reflected not only in economic but also in social consequences. Slovak economy, as well as other European Countries, was affected by the financial and economic crisis, not only by increasing unemployment, a loss of performance but also by a decrease of capability to create new jobs. Defining demand at a national level is problematic in terms of the total volume of the structure, as to the performance of transnational corporations. Reviving of unemployment can not only be assessed at the national level, but an important aspect affecting national labor market is the revival of global economy, which leads to the growth of the global labor needs. Currently, the focus of new jobs is shifting from partial professions towards cross-cutting and systemic professions, which must give a comprehensive response to developments in a particular industry. Slovakia is a small market economy significantly tied to major European economies, dominated by linkage to the German economy. Due to the high openness of the economy, the crisis has significantly affected the rate of growth of country's performance and caused a drop in demand and a decrease in both production and unemployment. High unemployment rate in this period was related to revenue shortfalls in the state budget and deepening of the budget deficit.
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