As many as 22 million jobs have been lost in advanced economies due to the Covid-19 pandemic, the Organization for Economic Cooperation and Development (OECD) said Wednesday.
22 million jobs have been lost in advanced economies due to the pandemic, according to a new report from the OECD.
A worker wearing a protective mask, gloves and a face shield disinfects a checkout counter inside an Ikea store.As many as 22 million jobs have been lost in advanced economies due to the Covid-19 pandemic, the Organisation for Economic Cooperation and Development said Wednesday. In May 2021, unemployment among OECD countries fell to 6.6%, but remained at least 1% above pre-pandemic levels. Of the 22 million who remain out of work across the OECD, 8 million are unemployed and 14 million are considered inactive.The OECD said it does not expect overall employment across member countries to return to normal until the third quarter of 2023.
According to the OECD, the impact for young people has been at least twice as high as for adults in general — and youths in Canada, the United States, Mexico and Spain were among the worst hit.That comes against the backdrop of an already tough employment landscape for young people. It took a full 10 years for youth employment to return to normal levels following the 2008 Global Financial Crisis, according to OECD data.