THE IMPACT OF THE LABOR POTENTIAL OF THE UKRAINIAN WAR REFUGEES ON THE ECONOMY OF THE EUROPEAN COUNTRIES

Abstract

The influence of the migration of the Ukraine’s population to the countries of the European Union on their labor potential during the Russian Federation’s military aggression against Ukraine has been studied. It has been established that since the beginning of spring 2022, Ukrainian war refugees represent a highly educated workforce for a number of European countries. The paper has assessed the labor potential of Ukrainian war refugees, which consists mainly of the economically active population, highly educated people, scientists, employees, young people with higher education, with prevailing share of women with children. Currently, the EU countries consider the prospect of a transition to a climate-neutral economy, which will influence such sectors as construction, energy, manufacturing and transport that, in turn, will require additional labor force with new skills. It is the significant intellectual component of the labor potential of Ukrainian war refugees that contributes to the rapid transition of the EU countries to a green and digital economy, which requires economic restructuring and transformation of labor markets. It has been proven that the massive migration flow of Ukrainian war refugees to the EU countries during the war will have a positive effect on thei labor potential and economic development. This is indicated by factors such as unemployment decrease and per capita GDP growth in the EU countries. It has been proved that there is a need for labor in the host countries. The study of political issues will enable migrants to live profitably in areas with a large number of representatives of the same ethnic group. The positive influence of the labor potential of the migration movement of the Ukraine’s population on the labor market of European countries has been proved. This will result in the improvement of the economy and increase in the relatively high employment rates among the mono-ethnic population. Therefore, it is important to monitor the situation closely to avoid any potential problems at the local labor level or in specific occupations.