Impact of covid-19 on the labour market

Abstract

The rapid spread of the coronavirus worldwide has fundamentally transformed everyday life as we knew it and nearly every country felt its negative effects. Apart from the devastating health consequences, the COVID-19 pandemic has also damaged the economies with unprecedented unemployment rates and lockdowns in many industries. Therefore, this paper aims to present the main effects of the coronavirus outbreak on the labour market worldwide. Taking into consideration the novelty of the topic, the research was conducted based on the analysis of professional reports or journal articles. The contribution of this paper is relevant both to the academic literature, but it also supports professionals from the field. JEL: J23, J39, J49, M54.