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The Human Cost of Recessions: Assessing It, Reducing It

Author/Editor: Dao, Mai | Loungani, Prakash
Electronic Access: Free Full Text (PDF file size is 1,149KB)
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Summary: Recessions leave scars on the labor market. Over 200 million people across the globe are estimated to be unemployed at present resulting from the Great Recession of 2007–09. We assess the human cost of increased unemployment by surveying what is known about the effects of past recessions. If past is prologue, the cost to the unemployed (and society) could be high. The focus of this paper is on advanced economies. To their credit, most countries mounted strong policy responses to minimize the human costs, and the policy actions were notable also for their consistency and coherence across countries.
 
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Series: Staff Position Note No. 2010/17
Subject(s): Unemployment | Labor markets | Developed countries | Economic recession | Emerging markets | Fiscal consolidation | Human capital | Wage policy
Author's keyword(s): Unemployment | recessions | labor markets | human cost
 
English  
    Published:   November 11, 2010        
    ISBN/ISSN:   9781462308163   Format:   Paper
    Stock No:   SPNEA2010017   Pages:   28
    Price:   Free        
English  
    Published:   November 11, 2010        
    ISBN/ISSN:   978-1-61635-048-2 / 2072-3202   Format:   A web quality merged PDF
    Stock No:   SPNET2010017   Pages:   27
    Price:   Free        
     
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