COVID-19 pandemic hit the labour market similarly to 2009 crisis (graphs)

Slovak labour market mimics development abroad.

Illustratory stock photoIllustratory stock photo (Source: TASR)

Read and see in this article:

-Which jobs have been the least affected by the coronavirus crisis

-Impact of the COVID-19 pandemic on the Slovak labour market compared to abroad

-Graphs showing impact of the pandemic on the labour market

The outbreak of the COVID-19 pandemic has affected the Slovak labour market comparable to last economic crisis in 2009. The most affected groups of workers are those working low-end jobs, while development in Slovakia has not differed from that abroad.

“People with lower qualifications and lower wages are have more employment in occupations that cannot be performed from home and so were more at risk of losing their jobs,” Daniel Dujava and Vladimír Peciar, analysts of the think tank Institute for Financial Policy (IFP) running under the Finance Ministry, wrote in their study Labour Market during Quarantine, published on July 22.

Related articleMore job offers with home office, gender gap remains wide. How labour market has been developing Read more 

The economic crisis instigated by the COVID-19 pandemic has steepened unemployment in Slovakia more than the economic crisis in 2009. While the number of jobless people in June 2009 surged by 36 percent compared with January 2009, this year this figure increased by as much as 47 percent.

“This development suggests that a sudden halt of economic activity caused by the economic lockdown may have comparable effects on the labour market like the crisis that hit Slovakia 11 years ago,” the analysis read.

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