Lithuanian labour market 2012

BGI Consulting jointly with foreign partners from Sweden and Finland is creating a methodology for medium term forecasting of demand of qualifications in the Lithuanian labour market. Such integrated labour market modelling that incorporates foreseeing the demand of qualifications and providing prognosis for the next five years is being carried out for the first time in Lithuania.

The basis of the methodology consists of an econometric model that includes global and Lithuanian macroeconomic factors, labour market, demographics, education, and other variables. The econometric model is complemented by two important sources of information: employer surveys and evaluations as well as insights from sector experts. It is expected that the integrated viewpoint will allow to use the advantages of the econometric model and eliminate the limits of model based prognosis by foreseeing changes in sectors of economy that are difficult to forecast statistically. Insights from sector experts are very important in forecasting less stable sectors of the economy and the demand of qualifications there.

The research has been ordered by the Lithuanian Labour Exchange at the Ministry of Social Security and Labour.