Covid 19

Covid-19 has destroyed 22 million jobs in advanced countries, says OECD
Published Wed, Jul 7 202111:50 PM EDT

• 22 million jobs have been lost in advanced economies due to the pandemic, according to a new report from the OECD.
• Job retention schemes have saved some 21 million jobs, but rich countries face the threat of rising long-term unemployment rates.
• The impact of that sustained underemployment is set to be worst felt by the vulnerable, women and low-skilled workers, who are disproportionately represented in sectors hard hit by the pandemic.

A worker wearing a protective mask, gloves and a face shield disinfects a checkout counter inside an Ikea store.
Bloomberg | Getty Images
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.
The OECD’s annual employment outlook said job retention schemes rolled out during the height of the coronavirus crisis saved some 21 million jobs. Yet rich nations face the threat of rising long-term unemployment rates as many of the low-skilled workers displaced by the pandemic struggle to fill new job openings.
“Many of the jobs that have been lost during this pandemic crisis will not be recovered,” Stephane Carcillo, head of the OECD’s jobs and income division, said during a briefing to mark the report’s release.
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.
Employment recovery forecast for Q3 2023
The OECD said it does not expect overall employment across member countries to return to normal until the third quarter of 2023. However, individual countries — such as those in Asia-Pacific — which have demonstrated a better handle on the crisis, may improve more quickly.
The impact of that sustained underemployment is set to be worst felt by the vulnerable, women and low-skilled workers, who are disproportionately represented in sectors hard hit by the pandemic.

Writer: Karen Gilchrist