Daily Management Review

OECD: COVID-19 destroys millions of jobs worldwide


The coronavirus pandemic has destroyed 22 million jobs worldwide, according to a report from the Organisation for Economic Co-operation and Development (OECD) published on its website.

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The study focused on developed countries that belong to the OECD, so it is impossible to judge the number of jobs affected by the pandemic around the world based on the report.

The authors say the labour market in developed countries has recovered by only half so far. Young and low-skilled workers have been hit hardest. In addition, key trends of the last decade have intensified, among them the global rise in income inequality and the shift towards jobs requiring technical skills.

The OECD also highlighted several features that have characterised the global labour market over the last decade and a half. The duration of unemployment has increased markedly as each new pandemic wave makes it more difficult to find a job. As a result, people squander skills and remain unemployed longer, even when suitable jobs become available.

The biggest spike in unemployment was recorded in the service sector, especially in the tourism industry. Meanwhile, in the financial sector, employment rose even at the peak of the contagion, as employees of banks, funds and investment companies were able to work remotely.

"Ultimately, we need to reach a situation where the economy can adapt, where we can identify those businesses that have a truly viable and growing future," says the survey.

source: oecd.org