OECD projects the employment rate to fall by 4.1% this year


OECD projects the employment rate to fall by 4.1% this year

 

July 18, 2020

Global Korean Post

 

The  COVID-19  pandemic  has  triggered  a  deep  economic    crisis    not    seen    since the    Great    Depression.

With  respect  to  the  fourth  quarter  of  2019, OECD-wide GDP is projected to have fallen by almost  15%  by  the  second  quarter  of  2020.

 

The  OECD-wide  unemployment  rate  rose  from  5.2%  in  February to 8.4% in May.

 

In those countries for which data are available, during the first three months of the cri  sis, total worked hours have collapsed on average 10 times more than in the same period of the global financial crisis.

 

The  OECD  projections  are  based  on  two  scenarios  (with  and  without  a  second  pandemic  wave  later  in  2020). In the absence of a second wave, OECD-wide employment is projected to fall by 4.1% in 2020 and grow by only 1.6% in 2021.

 

Consequently, the OECD unemployment rate is projected to  reach record highs of up to 9.4% by the end of 2020 (Q4) and only fall back to 7.7% in 2021. In the case of a second wave, the crisis would be worse and more protracted.


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