Labor Market Reflections Of Covıd-19 Pandemic: A Global Investigation Specific To Income Groups And Vulnerable Workers

Abstract

The Covid 19 pandemic, which started in Wuhan, China in November 2019 and then spread rapidly all over the world, caused the death of millions of people, stagnation in the global economy, and created a rare economic conjuncture by creating both demand and supply shocks. The pandemic has affected world economies and deeply affected the labor markets on a global scale. Production in many sectors has decreased significantly, and in some sectors it has come to a standstill. As a result, unemployment rates and employment losses have increased and employment patterns have changed. Main objective of this study is to investigate the effects of the pandemic on labour markets around the world in terms of both income groups and vulnerable labour based on the extensive literature and ILO&IMF database. According to the findings, the macroeconomic structures of the countries have differentiated their levels of being affected by the crisis, while unemployment and employment losses were felt sharply in middle and low-income countries. Moreover, impacts of the pandemic on disadvantaged groups have been harsh, women, youth, migrant and child labor have been affected in different ways by the pandemic. Due to the pandemic, women had difficulty in staying in the labor market, young people were left out of the labor market and NEET rates increased, migrant workers also experienced significant employment losses, the pandemic has also increased child labor globally.