Challenges and determinants of Ukraine’s competitiveness in the global labour market

The article analyses modern challenges that determine the socio-economic development of Ukraine for the near future. The focus is on the labour market determinants of the country and prospects for improving the competitiveness of the domestic economy. The article identifies critical problems of low competitiveness and adaptation of the Ukrainian labor market leading to structural imbalances, labor migration, growth of unemployment, social tension in society. The aggressive invasion of Ukraine by the enemy in February 2022 radically changed the lives of our citizens and affected the economic and social life of the vast majority of European countries and the world as a whole. Without addressing the many painful issues that arose during the war let us consider only one aspect – the labor market and the challenges that will shape our lives in the near future. Today the labor market cannot be considered only at the national level; it is a global market. And if we want equitable economic and social partnership we must be prepared for the challenges of the present. Therefore it is important to analyze the place of Ukraine in the international rankings of competitiveness, to evaluate the indicators that reduce this level, to anticipate and take into account all the consequences of strategic development and to influence the situation in a timely manner. And the situation in the country is not simple: forced migration abroad of professional personnel from the country, joining the ranks of the Armed Forces of Ukraine of the able-bodied youth, unstable work of many enterprises. However, life goes on as well as economic life. Business is doing everything possible to save the company and continue its activities. What we need to prepare for as we are experiencing the biggest crisis in the labor market of Ukraine in the last thirty years. The second year of the war demonstrates to us that the labor market which has shrunk 15 times compared to the pre-war year is adapting and recovering, showing a certain revival.