OECD says Covid-19 has destroyed 22 million jobs and new Covid variants a top risk to economic recovery

Pandemic and the economy

Main points from OECD statement

  • 22 million jobs have been lost in advanced economies due to the pandemic
  • Job retention schemes have saved around 21 million jobs
  • Wealthy countries face the threat of rising long-term unemployment
  • Low skilled workers will most feel the sustained affect of unemployment as these sectors are disproportionately affected by the pandemic
  • Employment recovery forecast for third quarter 2023
  • Younger generation severely impacted
  • New outbreaks of Covid-19 remain one of the top risks to a global economic recovery
  • Like other officials, he called for developed nations to support less-developed nations with their vaccination programs
  • Global tax reforms are also occupying the OECD

The short term affects of the pandemic have been clear but the longer term affects are yet to unravel.

Vaccine vs variants

There is a race between vaccination people all around the world including and in particular those in developing economies – and the real risk of new variants appearing, and variants that may be resistant to the vaccines currently available.

There is still much work to do, and this needs much more co-ordination. Will we learn from our mistakes this time?

Rich and poor – a familiar story

The vulnerable, the young and the neglected people of our world will need far more help after all this is over – they needed help before.

The pandemic has created opportunity and extreme wealth for some and abject poverty and misfortune for many.

The new wealth in this world needs to be shared.

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