Question

Will unemployment will be very high for at least the next five years after this COVID-19 pandemic? Why or why not? Please cite sources, if possible.

Answer 1

With the wake of Covid 19 , the world is facing a pandemic and the economy is the worst victim of its effects. The world has undergone a lockdown where all major or minor economic events are subjected to either shortage of demand or supply . The international trade market is in a slump as the movement across the world has stopped and this has caused loss of employment opportunities. The worst hit are the low wage earners whose daily employment determines the fulfillment of basic requirements.

Keeping in mind the above situations , every govt from across the world is facing and dealing with these problems . The major problem is loss of employment opportunities. Tools majorly involving fiscal involvement and stimulation are majorly used.

Keeping in view to the future, the level of uncertainty is very high. Economic advisory from across the world like world economic forum , IMF etc. Are predicting it to be an even major depression as it was in1929. Talking about the jobs in next 5 years , is a very specific time frame regarding events which are not yet predicable. With the impact and reach of Covid 19 is being released, the situations are uncertain. More impacted countries will take more time to revive from the economic slump . Talking of employment, comparing the current state, a rise in employment is bound to happen, as does any business cycle. But if the cycle is still downward sloping or growing towards a progressive state, is varying country wise. Hence talking of 5 years situations will get better , even in terms of employment. But everything depends on the revival rate of any state from this pandemic.