Covid-19 has a great impact on the jobs market all around the world and people have started their office work in homes. Every type of country’s economy, whether low, middle, or high have a great ratio of unemployment due to the coronavirus.
Corona pandemic caused a great health crisis all around the world. Due to this, the economic sector of the world had a great loss. Small and middle-class businessmen had faced a great loss in their investment and this leads to unemployment.
Covid-19 has an effect on different people in different ways. According to WHO (World Health Organization), there have been 49,578,590 confirmed cases of coronavirus in which 1,245,717 are reported to death.
YOUTH UNEMPLOYMENT DUE TO COVID-19:
67.6 million people all around the world are unemployed due to coronavirus. The young people of the country played a great role in the country’s economy, but due to lockdown, the businesses and multi-national companies are in loss, which leads to the unemployment ratio of youth. The newly passed out graduates did not get jobs that affect the jobs market all around the world.
The coronavirus pandemic affecting the jobs of young people in three ways:
1) Distraction in education and online work-based learning.
2) Loss of businesses and multi-nationals
3)An increased ratio of jobs seekers
According to the latest survey of ILO, 1 in 6 young people are facing unemployment.
UNEMPLOYMENT RISKS IN INFORMAL ECONOMY:
Globally, there are 3.3 billion workers are there in the world in which 2 billion people are working in the informal economy. Out of these 2 billion, 1.6 billion people are at risk and impacted by pandemic due to lockdown.
The poverty and unemployment ratio of the informal economy is huge. Coronavirus pandemic leads poverty from 26 to 59 percent globally and in some regions, it is higher than 80 percent. The ratio of unemployment due to this crisis is much higher than the previous crisis.
The huge unemployment and poverty ratio all around the world has effect the jobs market and to fix this problem is becoming a difficult task for the government.
GOVERNMENT POLICIES ABOUT COVID-19 PANDEMIC:
Hopes this pandemic and its impacts on the world’s economy will end at the beginning of 2021. The government policies about unemployment should be serious and the policy includes the following points:
1) Help businessman with money who face loss in their business.
2) Unique and efficient job sources should be provided to those who are . unemployed and especially to those who are newly graduates.
3) Reduced taxes for a short period of time so the businessman can earn well.