The recent turbulences in the global economy, the consequences caused by the COVID-19 pandemic, the political instability in Bosnia and Herzegovina and the lack of direct foreign investments have, among other things, significantly slowed down the economic development processes in Bosnia and Herzegovina and the Sarajevo Canton. 

A further worsening of economic conditions is expected. After all, the global energy crisis affects markets all over the world and of course that includes the market of Bosnia and Herzegovina. The enormous increase of energy prices will undoubtedly make it complicated for many to do business and, unfortunately, it could also lead to a halt in the activity of some companies. 

Therefore, the economy of Bosnia and Herzegovina is faced with numerous issues and challenges. Competent state authorities are required to act quickly, adopting regulations where necessary and defining emergency measures, in order to help companies overcome the current situation. 

What makes the situation more difficult is the increase of fluctuation of the labor force and the outflow of the population from Bosnia and Herzegovina. Although there is no precise data on how many people have left Bosnia and Herzegovina and Sarajevo in recent years in search for a better life, research shows that every second young person is thinking about temporarily or permanently leaving the country. Moreover, the unemployment rate is still at a high level: in the month of May 2022, 143.172 people were registered as employed in the Sarajevo Canton, while unemployment numbers raised to 56.479. 

The imbalance between the education system and the needs of the labor market is evident. According to our Chamber’s research, employers point out the lack of appropriate working or professional experience of potential employees as the main reason for the shortages in adequate workforce.  

Observing the changes in the education system, such as the new law on adult education, as well as the announcement of the adoption of the law on dual education, we can expect the establishment of a more efficient education system, which should comply with the labor market needs, in coordination with the Chamber and other agents in the creation of the educational system policy. We expect that such changes, along with the financing of employment programs for long-term unemployed people, the development of new training programs, and the active involvement of the business sector, will change the labor market image for the better. 

In this regard, the role of the Chamber in the segment of adult education, through the long-term work of its Center for Education, is of crucial importance, hence we are undertaking several activities in this direction. We are currently implementing the project “Support for the establishment of a dual education system in the Sarajevo Canton “, which aims to point out the multiple advantages of the dual education system, both for students who are practicing for their future profession during schooling, and for companies that get a qualified workforce.