14 Aug, 2012

Turmoil in the Eurozone

A survey commissioned by totaljobs.com and Intelligence Group has found that the UK is top choice for Greeks wanting to move abroad to avoid further turmoil in the Eurozone.  Over half (55{6060b2de664e4eaa3e7b7e86961ce2c4bbd7a29b6c1097abf8257a4e5b07383e}) of Greek workers surveyed said they would consider moving to the UK ahead of any other country, with 70{6060b2de664e4eaa3e7b7e86961ce2c4bbd7a29b6c1097abf8257a4e5b07383e} blaming the bad economic situation in Greece as a motivation for moving. The second destination of choice was Germany on 43{6060b2de664e4eaa3e7b7e86961ce2c4bbd7a29b6c1097abf8257a4e5b07383e} while the USA came in third on 42{6060b2de664e4eaa3e7b7e86961ce2c4bbd7a29b6c1097abf8257a4e5b07383e}.

The top reason Greek workers gave for wanting to move to the UK was better career opportunities, with 70{6060b2de664e4eaa3e7b7e86961ce2c4bbd7a29b6c1097abf8257a4e5b07383e} stating this was a consideration. Other reasons include wanting a better standard of living (63{6060b2de664e4eaa3e7b7e86961ce2c4bbd7a29b6c1097abf8257a4e5b07383e}) and the chance to start a new life (31{6060b2de664e4eaa3e7b7e86961ce2c4bbd7a29b6c1097abf8257a4e5b07383e}). The UK’s position is seen as advantageous with strong trade links with Europe but sitting outside the toxic Eurozone.

This comes despite a mixed outlook for the economy in the UK with GDP shrinking by 0.7{6060b2de664e4eaa3e7b7e86961ce2c4bbd7a29b6c1097abf8257a4e5b07383e} according to the official GDP statistics for Q2 2012.[1] The labour market in Britain, however, looks more positive with jobs increasing by 76,000 between March and June 2012.[2]

However, the situation in Greece is dire by comparison, with unemployment hitting a record 22.5{6060b2de664e4eaa3e7b7e86961ce2c4bbd7a29b6c1097abf8257a4e5b07383e} in April this year according to Greece’s statistics service EL.STAT[3], a sharp rise from 16.2{6060b2de664e4eaa3e7b7e86961ce2c4bbd7a29b6c1097abf8257a4e5b07383e} in April last year. Perhaps more worryingly, over half of young Greeks are unemployed which has more than doubled inside a single year.

Mike Booker, International Director, totaljobs.com said, “The UK economy is still in a precarious position, but to countries in the Eurozone like Greece and Spain, we are an attractive prospect in terms of career progression. This survey gives a good indication of where people will be moving in future and it looks as if the UK will gain a large proportion of mobile global talent, particularly from Greece. Although the UK is technically in a double dip recession, there are positive signs like the improving jobs market and hosting the Olympics which, our research suggests, international jobseekers are looking on favourably.”

Credit: onrec.com

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