OECD: rich nations risk facing long-term unemployment

OECD: rich nations risk facing long-term unemployment

According to the Organization for Economic Cooperation and Development, wealthy countries could face the threat of rising long-term unemployment rates amid the coronavirus crisis.

During the COVID-19 pandemic, as many as 22 million jobs were lost across 38 countries of the world, the OECD said in a report. Only 8 million of them are actively looking for new income streams. Low-skilled workers turned out to be worst affected by the coronavirus crisis. They are underqualified to take high-paying positions.

Currently, there is a shortage of personnel in health care and industries related to green energy.

It is also difficult for young people to find decent work. In OECD countries, the number of young people not in employment, education, or training exceeded 3 million.

The organization estimated that overall employment across member countries would return to pre-pandemic levels by mid-2023, and across EU countries - in 2022.


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