Page 13 - IDEA Study 10 2015 Skills Mismatches

The level of education is correlated not only with the level of unemployment rates, but also with the severity of impact of economic crises. The economic crisis of 2009 hit all groups of young individuals, but mostly those with lower levels of education – unemployment rates increased from 2008 to 2009 by 9 percentage points for primary educated, by 4 and 2 percentage points among secondary educated with and without school leaving examination, and by slightly over 1 percentage point for tertiary educated. Even though the differences are substantial between these groups by their level of education, the impact of crisis on youth unemployment rates was relatively modest compared to other EU countries. This provides first evidence that the effectiveness of the Czech labor market is quite high and it manages to deal with economic crises well. Figure 3. Unemployment rates of young cohorts (aged 25–35) by level of education 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 year Primary education Secondary education without school-leaving exam Secondary education with school-leaving exam Tertiary education Source: Czech Labor Force Survey data (1994-2014), own calculation 9 0 10 20 30 40 unemployment rate