Effects of COVID-19 on Unemployment
Coronavirus Disease 2019 (COVID-19) pandemic had a significant effect on unemployment in all the countries. During this pandemic, women, young workers, workers with low education attainment, part-time workers, and many people faced unemployment. International Labour Organization (ILO) stated that more than 25 million jobs had been threatened due to the spread of COVID-19 globally.
Unemployment is not an easy problem to solve; subsidies are just a minor version to keep the workers stable. This problem faced by the whole world is considered Zombies -they are alive but dead. It is the third consecutive month of fall in jobs, which was 400.7 million in January this year in other countries like South Korea and the USA recorded as 36 billion people are unemployed while in India more than one crore(10 million) people are unemployed. The second wave of COVID-19 started in 2021 February. It showed a vast impact on consequently a sharp spike in unemployment and also threatened a contraction in its GDP and severely impacted the economic recovery in India. All countries have experienced the most significant increases in unemployment rates since starting the pandemic in 2019.
The loss of a job affects their livelihood; it's a horrifying situation for them. There were minor job losses in February and March despite the second wave of the pandemic outbreak, which is not so intense as in April. According to a survey, within two weeks period of informal lockdown, 119 million informal workers have lost their jobs. Many, but all the people, had relatively high rates in February 2021 as well.
Some reports compare the overall rate of unemployment of the current recession with the rate of unemployment experienced during the Great Recession (December 2007 to June 2009).