European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead
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Summary:
In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its pre-crisis level by 2021Q3, and in some countries the labor force participation rate is at a record high. This paper documents that the widespread use of job retention schemes has played an essential role in mitigating the pandemic’s impact on labor markets and thereby facilitating the restart of European economies after the initial lockdowns.
Series:
Departmental Paper No 2022/004
Subject:
COVID-19 Employment Health Labor Labor markets Technology Unemployment Unemployment rate
Frequency:
occasional
English
Publication Date:
March 3, 2022
ISBN/ISSN:
9798400200960/2616-5333
Stock No:
ELMCPFPAEA
Pages:
96
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