The coronavirus pandemic has worse consequences for the labor market than the 2008 financial crisis. Women, young people and low-wage earners are hardest hit. This emerges from the OECD report on labor markets, which has now been published in Paris.
22 million fewer jobs
In the 38 OECD countries, the 2020 corona crisis cost 22 million jobs compared to the previous year. And although the situation is slowly recovering, over eight million more people are still jobless than before the crisis.
It was particularly hard for young people: 3 million young people are currently neither attending school, nor doing a job or training.
The report assumes that labor markets in the OECD area will not fully recover until the end of next year. In the eurozone, it is even expected that it will take almost three years.
Germany is recovering faster than Austria and Switzerland
But there are big differences from country to country. In an international comparison, the German labor market coped with the crisis very well. The employment rate in the Federal Republic is already above the pre-crisis level again.
The labor markets in Austria and Switzerland are doing a little less well – also because both countries are economically more dependent on tourism.
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