Unemployment worries spike around the world as coronavirus remains top global concern

Unemployment worries spike around the world as coronavirus remains top global concern
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  • Coronavirus remains top global concern in May, according to a monthly Ipsos poll.
  • But unemployment takes the place of COVID-19 as the chief worry in six countries.
  • Concern about joblessness spikes to five-year high.

Unemployment worries spiked to a five-year high in May, as the coronavirus crisis moved into its next phase.

While COVID-19 remained the most frequently cited concern according to a monthly poll by Ipsos, unemployment came second, and surpassed the pandemic to take the top spot in six countries.

Damaged job markets

Policymakers who initially focused on containing the human impact of the pandemic are now turning their attention to the economic damage caused by lockdowns and other measures that brought much of the global economy to a standstill. Global economic activity will probably fall 6% in 2020, according to forecasts from the Organization for Economic Co-operation and Development (OECD), while a measure of unemployment will climb to 9.2%, from 5.4% in 2019.

“The recovery, after an initial, rapid resumption of activity, will take a long time to bring output back to pre-pandemic levels, and the crisis will leave long-lasting scars,” the OECD says. “Job losses in the most affected sectors, such as tourism, hospitality and entertainment, will particularly hit low-skilled, young and informal workers.”

Source: World Economic Forum

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