Graphic shows jobless rates in selected OECD countries.
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BUSINESS

Pandemic leaves 22m people out of work

By Duncan Mil

July 8, 2021 - The pandemic has left 22 million people out of work in industrial nations, with the young and low-skilled hurt most, according to the OECD, which forecasts the jobs market will not recover until the end of 2022.

The Paris-based Organization for Economic Cooperation and Development said that the coronavirus crisis accelerated several trends over the past decade.

Growing income inequality, a shift toward more technically demanding jobs and fewer secure employment opportunities for lower-skilled workers have led to greater levels of unemployment.

At the end of 2020, about 22 million jobs had vanished in the OECD area -- which includes eurozone countries and the U.S., Australia, Japan, and the UK -- compared with 2019. Globally 114 million jobs have disappeared, the organisation said in its Employment Outlook 2021.

While there has been an economic rebound across the OECD, there are still over eight million more unemployed than before the crisis, and over 14 million more inactive people.

“We need more jabs for more jobs. The jobs creation policy priority is to get people all around the world vaccinated as soon as possible,” said Mathias Cormann, the OECD’s secretary-general.

Sources
PUBLISHED: 08/07/2021; STORY: Graphic News; PICTURES: Getty Images
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