Facing the jobs crisis – Just Launched: Employment Outlook 2020
Unemployment has soared in the @OECD area since the start of the COVID-19 pandemic. Policymakers have taken action to safeguard workers and firms, but as the coronavirus crisis continues, more targeted action will be needed to stop the jobs crisis from becoming a social crisis.
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The COVID-19 pandemic has triggered one of the worst jobs crises since the Great Depression. There is a real danger that the crisis will increase poverty and widen inequalities, with the impact felt for years to come. Countries now need to do everything they can to stop this jobs crisis from turning into a social crisis. Reconstructing a better and more resilient labour market is an essential investment in the future and in future generations.
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Some countries hit worse than others
In some countries, employers used job retention programmes to cut hours while allowing workers to keep their pay and jobs; there, it is likely that the full impact of the pandemic is yet to be felt.
In others, there have been unprecedented leaps in unemployment, but many workers will return to their jobs (or to new ones) as economies re-open and activity picks up.
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Unemployment will remain high into 2021
Unemployment is projected to reach nearly 10% in OECD countries by the end of 2020, up from 5.3% at year-end 2019, and to go as high as 12% should a second pandemic wave hit. A jobs recovery is not expected until after 2021.
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Young people and women hit hard by jobs crisis
The COVID-19 crisis is having a greater impact on some workers than others. Young people and women are among those at greatest risk of joblessness and poverty.
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