European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead

Author: Mr. Sakai Ando, Mr. Ravi Balakrishnan, Bertrand Gruss, Mr. Jean-Jacques Hallaert, La-Bhus Fah Jirasavetakul, Koralai Kirabaeva, Nir Klein, Ana Lariau, Lucy Qian Liu, Mr. Davide Malacrino, Mr. Haonan Qu, and Alexandra Solovyeva

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.

Volume/Issue: Volume 2022 Issue 004

Publication date: March 2022

ISBN: 9798400200960

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Topics covered in this book

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Labor , Covid-19 pandemic , labor market , job retention schemes , reallocation , contact-intensive sectors , vacancies , layoffs , automation , reskilling , hiring subsidy , Labor reallocation , recovery prospect , labor market condition , aggregate labor market outcome , unemployment rate forecast , retention scheme , policy support measure , EU unemployment rate , labor market outcome , Labor markets , Employment , COVID-19 , Unemployment , Unemployment rate , Europe , Global

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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.