A new report from the United Nations says that while the global financial crisis of 2009 had a terrible impact on the job market...the coronavirus pandemic is FOUR TIMES WORSE.
The numbers make this the most severe economic crisis since the Great Depression of the 1930's.
According to the report, work hours equivalent to 255 million full-time jobs were destroyed. The fallout equally impacted both reduced work hours and job losses.
The United Nations agency also noted that most people who lost work "stopped looking for a job altogether". The drop in work generated a loss of $3.7 Trillion in income globally, with women and young people feeling the most impact.
The agency reports that jobs are 'expected' to bounce back in the second half of 2021, but that depends upon a reduction in infections and the effectiveness of the vaccine. Currently, according to the report, infections are rising and vaccine distribution is slow - putting hopes for a second half bounce-back in jeopardy. (story here)
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