The Organisation for Economic Cooperation & Development (OECD) in its ‘OECD Employment Outlook 2021’ stated that over 22 million jobs were lost in developed nations due to COVID-19.
- Out of 22 million who remain out of work, 8 million are unemployed and 14 million are considered inactive.
- The report states that worldwide, 114 million jobs were lost during the pandemic.
- In May 2021, unemployment among OECD countries fell to 6.6%, but remained at least 1% above pre-pandemic levels. The pre-pandemic levels of employment are unlikely to be achieved before the end of 2022.
OECD Employment Outlook
It is an annual assessment of key labour market developments and prospects in OECD member countries.
- The 2021 edition is devoted to navigating the COVID-19 crisis and recovery.
Acceleration of Negative Trends
COVID-19 has accelerated a number of negative trends which had their origins in the past decade. They are growing income inequality, shift towards more technically demanding jobs and fewer secure employment opportunities for lower-skilled workers.
- Failing to address inequality and exclusion will have negative effects on productivity and economic recovery.
- The rapid buildup of unemployment after each wave of Pandemic restrictions is making it difficult for people to find employment.
- The report states that the growth of teleworking in the longer term would add to inequalities in working conditions.
Impact on Young and Low-skilled workers
Labor markets in developed nations have recovered only 50% of the loss of employment they suffered in the pandemic. Young and Low-skilled workers have been hurt the most.
- The report suggests training, investment and regulation to expand technical skills among lower-paid occupations.
Sectors which showed Positive Trends
The only sectors which grew even during the pandemic were Finance & Insurance. Lower-paying occupations had a reduction of more than 28% in hours worked.
Recent Related News:
May 5, 2021, According to a new set of data released by OECD, the global FDI dropped by 38% in 2020 (compared to 2019) to USD 846 Billion, which is a 15-year low (lowest since 2005). India became the 3rd Largest Recipient of FDI inflows in 2020 with an inflow of USD 64 Billion.
About Organisation for Economic Cooperation & Development (OECD)
Secretary-General – Mathias Cormann
Headquarters – Paris, France
Members Countries – 37
