Monday, April 15, 2024
HomeBusiness NewsCOVID has destroyed 22 million jobs in advanced countries

COVID has destroyed 22 million jobs in advanced countries


According to the latest job outlook report, the new coronavirus pandemic continues to hamper the global economy, destroying 22 million jobs in developed countries. Organisation for Economic Co-operation and Development.

The OECD report stated that although strong Economic rebound In the process, it is not enough to restore employment levels in most of its member economies to pre-pandemic levels. It may take several years to fully recover.

The OECD is composed of a series of advanced countries across North America, Europe, South America and Asia (including the United States). This international organization is committed to formulating evidence-based policies on social, economic and environmental issues that affect countries around the world.

This OECD Employment Outlook for 2021 Said that although compared with 2019, OECD countries lost 22 million jobs in 2020, but due to Pandemic.

Over 8 million people unemployment According to the report, the number of people who are not actively looking for work has increased by 14 million compared to before the COVID crisis.

The report also shows that low-paid working hours in OECD countries have fallen by more than 28%, and the number of unemployed young people has increased by nearly 3 million-contrary to the trend that has been increasing over the past decade.

The OECD unemployment rate also fell slightly from 6.7% in April to 6.6% in May. This is only 1.3% below the pre-pandemic level observed in February 2020. The number of unemployed persons in the OECD area in May was 43.5 million, an increase of 8.1 million from February 2020.

The OECD insists that the labor market is “still vulnerable to the rapid increase in the number of long-term unemployed,” stating that the unemployed may find it difficult to compete with those who continue to be employed.

The organization called for investment in labor market policies and said it was essential to help workers find jobs.

“As the government launches a recovery plan, it is necessary to continue to support the families most in need, while at the same time better providing the right incentives for fiscal policy measures aimed at promoting the growth of companies and jobs with a viable future in the new post-COVID environment Measure OECD Secretary-General Matthias Koman said in a statement that business investment has led to the restoration and creation of more new jobs.

“Withdrawing support too early will risk the recovery. By strengthening the targeting of the most vulnerable sectors, companies and households, while promoting start-ups and job creation, the short-term cost of financial support measures can be reduced,” he added.




Photo: Getty Images North America/Joe Raidel





Source link

RELATED ARTICLES

Most Popular

Recent Comments