Global unemployment 2020
If you are being happy with some data released by a government on unemployment rates being better than their level in last few months, don’t be so excited. The world is facing a severe economic slowdown due to coronavirus outbreak. The lockdown measures to contain the pandemic have made immensely adverse effect on the global economy.
Severe coronavirus attack on global economy
The coronavirus has already taken more than half a million lives and infected over 12 millions worldwide. The pandemic has also invited a worldwide recession, more severe than its its avatars in the past. Global economy is not expected to see a roll back anytime soon.
But sometimes government data of any country show that unemployment rates are back to their previous positions. How much you can trust on these numbers when you can see the reality around you that is totally opposite. You must also recall how much all the economies, big or small, were hit due to coronavirus lockdown, a few days back.
Global slowdown affects employment 2020
A number of multinational companies in every sector are shutting down their businesses in a few countries. That has left millions of employees jobless. Governments of countries, like India, are sending employees of some public companies to unpaid leaves for upto five years. Or even they are looking towards total or partial privatization of government companies.
Small businesses, salaried employees and migrant workers have suffered the most due to economic crisis worldwide. In many countries, the emergency measures strengthening employment have not worked for the real people in need. Going by these cases, anyone can understand the reality of any government data that says, employment rates have bounced back to their pre-corona position in the country.
Unemployment data don’t reflect reality
How can the businesses that have been shutdown, recruit more employees? How can the government that is privatizing public companies or asking employees to go on unpaid leaves, adjust them again? And, How can migrant workers re-join their old jobs when they have already moved back homes during Covid pandemic lockdowns.
These data can work towards whitewashing the government’s failures during the pandemic crisis. But they cannot reflect the real situation of employment or unemployment. For that you have to see the real people and their real condition at local levels. You must also have an idea on how global economy has affected and how much time will it take to roll back to its previous self.
Global unemployment 2020 numbers
For more details and global reality check, we must look at the global economic facts and figures. You can read the following lines to realize that neither economies nor job markets are going to regain their pre-corona level anytime soon.
Microsoft calculation
In the wake of global economic crisis triggered by coronavirus outbreak, a quarter of a billion employees worldwide will have to face unemployment this year, says a Microsoft study.
At this time of staggering job challenge in the world, people have to learn new skills to find new job or even to stay in their old job, said Microsoft President Brad Smith. He anticipated that as many as 25 crore people around the world will have to lose their jobs in 2020.
OECD prediction
The Organization for Economic and Cooperation and Development (OECD) has also said that world’s most advance countries will see in 2020 a global unemployment rate on its all-time high since the Great Depression of 1930-32. The unemployment rates will not bounce back to previous ones until 2022, it added.
The Paris based organization alerted the governments to not roll back prematurely their current incentive programmes designed for boosting employment. This is the only time to stabilize the job market, harmed by coronavirus crunch worldwide, it said
This is the reality and we have to accept it, instead of being glad with government data that intends to convey, everything is going to be fine at soonest. What is important at the moment is to keep patient and wait for the best.
