One in five young people in the world lost job due to pandemic

One in five young people in the world lost job due to pandemic

One in five young people in the world lost their jobs due to the COVID-19 pandemic. According to the United Nations, before the crisis, 178 million people under the age of 29 were employed in the sectors that were most affected by the current pandemic, including retail and tourism. Nearly 77 percent of young people worked informally. The global pandemic also hit hard the education sector and affected the training of professionals. Experts believe that if urgent action is not taken, the negative ramifications of the novel coronavirus will remain with us for decades.

“20 percent of the world’s youth have been unemployed and without vocational training over the past two decades. Add to that COVID-19, which made labor market conditions even more difficult. Even before the pandemic, we were behind the schedule in creating the 600 million jobs needed for young people over the next 15 years. Now it will be even more difficult to achieve such targets,” observed UN Chief Economist Elliott Harris.

The unfavorable situation on the labor market is observed in the neighboring Russia. Unemployment in the country has grown 3.5 times since April, Russia’s Prime Minister Mikhail Mishustin stated. He said that to date, nearly three million people are left without income. Mishustin stressed that the novel coronavirus has radically changed the labor market in Russia. The COVID-19 infected more than 793,000 people and killed more than 12,000 patients in the country.

640,000 people in Germany have lost their jobs since the beginning of the COVID-19 pandemic. There are currently 2.85 million of unemployed in the country. It will take at least three years to restore the labor market, Head of Germany’s Federal Employment Agency Detlef Scheele said. The task of the state today is to prevent the number of unemployed people from exceeding three million. According to the latest data, there are more than 204,200 COVID-19 cases and more than 9,100 coronavirus-linked deaths in Germany.

Switzerland is also trying to find a solution to the problem of unemployment in the country. The Federal Council decided to extend the period for the payment of monetary compensation to those who have switched to reduced work schedule from 12 to 18 hours. The federal government intends to prevent an increase in unemployment rate in the country. The right of self-employed entrepreneurs to compensate for lost sources of income will be extended until mid-September. The authorities understand that the pandemic has a negative impact on the federal budget.

Therefore, while forming the budget until 2021, they took into account a deficit of one billion Swiss francs (US$1.078 billion or 444.1 billion tenge). However, tackling the ramifications of the novel coronavirus pandemic might require much more than that. The COVID-19 infected nearly 34,000 people and killed 1,972 patients in Switzerland.

According to the data from Johns Hopkins University, reported cases of COVID-19 infection in 188 countries stand at 15,239,805. The United States remain the hardest-hit country in the world in terms of the number of positive cases of infection. The COVID-19 infected almost four million people in the U.S.