Unemployment Rate Due to COVID 19
Due to Covid-19, most of the countries declared lockdown. As the entire world was affected and therefore the Unemployment Rate Due to COVID 19 increased, that’s why there was seen a high job crisis in various countries special in high populated.
Unemployment Rate Due to COVID 19 | Which Reasons are Indicating the Organization Behind the Job Crisis in the World?
- According to the status of CMIE, known as Centre for Monitoring Indian Economy, about twenty-seven million people who are in between 20 to 30 years of age lost Job during the lockdown due to Covid-19. As a result, the unemployment rate due to COVID 19 has fallen from 27.1% to 24%.
But it is also a piece of good news that the unemployment rate due to Covid-19 decreased when all laborers were going to join in industries. Therefore, the rate rose from 26.4% to 28.6%. As per the details from CMIE, people of ages 20 to 24 age group lost a total of 11% jobs where 14 million people lost jobs from 25 to 29 years. They also said that 86% of the job losers were men.
- ILO has decided to reduce the working hours by 23% and as a result, one of every 6 youth stopped working. They said that a total number of 178 million youth are engaged globally were 328 million works informal jobs. And we also get to know that 267 million of youth didn’t get employment as they are in the training.
From the latest news of ILO, we can know that the United States and Europe lost the jobes for 13.1% where central Asia lost 12.9% of total lost jobs. They also announced to reduce the working time. ILO also estimates that the testing power can decrease the working hour loses as much as 50 percent.
Unemployment Effect of it on the economy
- In the United States: The United States has said that the unemployment rate due to COVID 19 will rise after the lockdown even more. When more about 3.8 million people were claiming for their jobs in April, the number will rise to 30 million after six weeks, counted by the US. They said that about 20 million people lost a job in April.
- In Canada: the unemployment rate due to COVID 19 in Canada was 5.2% in March as per the information from the statistics of the bureau ( officially). But now the number has risen from 5.2% to 7.2%.
- In Japan: the unemployment rate due to COVID 19 in Japan was 2.5% in March. And the number was 1.76 million. But the number has risen about 20,000 in the same month.
- In the United Kingdom: the unemployment rate in the United Kingdom was 4% in March. But now the number will rise from 4% to 9%.
- In India: the unemployment rate rises to 27.11% though there is going lockdown. It is a very critical condition for this country.
- In France: here about ten million people lost their jobs.
- In Germany: here the unemployment rate has fallen to 5.8%.
- In Italy: In Italy, the rate was decreased to 8.4%.
What Are the Condition of the people?
- As the unemployment rate increases, people will get into the depression of having no jobs.
- This affects mainly the youth ones as the employment rate will reduce in their age groups.
- Those people who are the only source of income for their families have a lot of tension. They have to face plenty of difficulties in their life during the lockdown. Some of them forced to die because they have no food to eat.
- The people who have less amount of stored money also need to face a lot of issues as these are not enough for them to continue their lifestyle amid lockdown. That’s why their contribution was very critical for the unemployment rate due to COVID 19.
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The present situation of unemployment and lockdown
After the lockdown for a long period, the unemployment rate due to Covid-19 is decreased for a less amount of percentage. Some countries of Europe also get success to provide jobs to their people. The United States has a good percentage of employment rate though they have the worst condition in all three formats- confirmed cases, daily new cases, and a total number of deaths.
Countries With High Unemployment rates
The nations having the highest unemployment rate due to COVID 19 are as follows:
- Burkina Faso (77%)
- Syria (50%)
- Senegal (48%)
- Haiti (40.60%)
- Kenya (40%)
- Djibouti (40%)
- Marshall Islands (36%)
- Namibia (34%)
- Kiribati (30.60%)
- Libya (30%)
Countries With Lowest unemployment rates
The nations having the lowest unemployment rates due to COVID 19 are as follows:
- Cambodia (0.30%)
- Qatar (0.60%)
- Thailand (0.70%)
- Belarus (1.0%)
- Benin (1.0%)
- Gibraltar (1.0%)
- Tonga (1.1%)
- Isle of Man (1.1%)
- Laos (1.5%)
- United Arab Emirates (1.60%)