Analysis the Impact of the COVID-19 Crisis On The Serbian Labor Market

Abstract

The global pandemic caused by the Covid-19 virus has affected the economy of every country in the world without exception. The aim of this paper is to analyze the impact of the Covid-19 crisis on the Serbian labor market. Periods of complete closure, changes in the way of doing business, restrictions on working hours, as well as online work have affected both supply and demand in the Serbian labor market. At the beginning of the crisis, the biggest consequences were suffered by employers and employees in the catering, tourism, transport and personal services sectors (so-called high-contact activities). The decline in employment and income in these areas has led to a decline in demand for products and services from sectors that belong to the so-called low-contact activities, which spread the crisis to the entire economy and caused the deterioration of the economic and social position of the population. The paper presents key indicators of the Serbian labor market before and during the Covid-19 crisis in order to point out the seriousness of its consequences and create a basis for future research on the development of the sectors most affected by the Covid-19 crisis.