The impact of Covid-19 on the workforce of the world’s biggest economies is 10 times larger than during the first three months of the 2008 financial crisis, according to the Organisation for Economic Co-operation and Development.
Unemployment in the OECD’s 37 member countries is expected to rise to 9.4 per cent this year, up from 5.3 per cent in 2019, if the outbreak is kept under control, the organisation, which is based in Paris, said in its latest employment outlook report on July 7.
Even then, it remains the worst unemployment figure since the Great Depression and could increase to 12.6 per cent this year if there is a second wave of infections.
Already, the number of hours worked declined by 12.2 per cent in the first three months of the outbreak, compared to 1.2 per cent during the first three months of the 2008 crisis.
“This reflects the special nature of the Covid-19 crisis, with many countries having put entire sectors of their economy ‘on hold’ to contain the spread of the virus,” the OECD said.
“The crisis will cast a long shadow over the world and OECD economies.”
The organisation said last month in its economic outlook that the world economy would suffer the biggest recession in a century.
It expects the world economy to shrink by 6 per cent this year before growing by 5.2 per cent in 2021, if the virus is contained. That view is gloomier than that of the International Monetary Fund, which predicted a 4.9 per cent contraction this year, with a sluggish recovery expected in 2021.
In the event of a second wave of infections, the world economy may contract by 7.6 per cent before growing by 2.8 per cent next year, the OECD said.
A recovery in unemployment rates across OECD countries will be gradual, remaining at or above the peak levels recorded during the 2008 crisis, according to the report.
Unemployment rates are projected to reach 7.7 per cent next year, if the virus is contained, or increase to 8.9 per cent in case of a second wave of infections.
Low-income workers, the self-employed, young graduates and women are bearing the brunt of the health crisis, which is widening pre-existing inequalities.
“Women have so far experienced greater declines in employment than men, unlike in the previous crisis,” the OECD said.
“Meanwhile, widespread childcare facility and school closures likely amplified their unpaid work burden at home.”
Low-income workers are 50 per cent less likely to work from home and twice as likely to stop working completely, compared to higher-paid peers.
Young graduates face “bleak prospects”, have a poor chance of finding jobs or internships and face the risk of long-term damage to their earning potential.
“We do not want to risk a lost generation,” Angel Gurria, OECD secretary general, said during a video conference as she pointed to a 60 per cent drop in jobs offered online.
Governments around the world took measures to curb the spread of the virus but some have started lifting restrictions to revive their economies.
“While the Covid-19 crisis has passed the first phase of lockdowns and business closures, the impact on the labour market, while already unprecedented, is likely to deepen significantly going forward,” the OECD said.
Changes in unemployment rates since the onset of the health crisis have varied between countries, reflecting their policy responses.
In the US, the world’s biggest economy, the unemployment rate jumped from its 50-year low of 3.5 per cent in February to 14.7 per cent in April 2020, the highest level on record, before declining to 11.1 per cent last month.
By contrast, the unemployment rate in the period up to May decreased by 1.2 percentage points in Italy and by 0.9 percentage points in Portugal, reflecting a shift towards inactivity as unemployed people stopped searching for jobs during the pandemic.
Governments will need to adapt their labour markets and social policies in the coming months to respond to the pandemic and the economic developments, the OECD said.
The organisation urged governments to act quickly to support the worst affected and provide jobseekers with advanced training or equip them with entirely new skills.
It also called for balanced, continued support to some sectors still affected by containment measures to protect jobs as economies reopen.
Mr Gurria expects a U-shaped recovery but said how long the bottom part of the U will be will depend on the spread of the virus.
Countries must also extend unemployment benefits and address social protection gaps for workers on irregular work contracts.
The crisis has exposed weaknesses in OECD economies and societies that will hold people back unless they are addressed, Mr Gurria said.
“In times of crisis, ‘normality’ sounds very appealing. However, our normal was not good enough for many people with no or precarious jobs, bad working conditions, income insecurity and limits on their ambitions,” Mr Gurria said.
“We need to capitalise on the momentum created by the strong initial national responses to the crisis and build better policies for better lives in the post-Covid[-19] world."
The%20specs
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LA LIGA FIXTURES
Thursday (All UAE kick-off times)
Sevilla v Real Betis (midnight)
Friday
Granada v Real Betis (9.30pm)
Valencia v Levante (midnight)
Saturday
Espanyol v Alaves (4pm)
Celta Vigo v Villarreal (7pm)
Leganes v Real Valladolid (9.30pm)
Mallorca v Barcelona (midnight)
Sunday
Atletic Bilbao v Atletico Madrid (4pm)
Real Madrid v Eibar (9.30pm)
Real Sociedad v Osasuna (midnight)
The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Tour de France 2017: Stage 5
Vittel - La Planche de Belles Filles, 160.5km
It is a shorter stage, but one that will lead to a brutal uphill finish. This is the third visit in six editions since it was introduced to the race in 2012. Reigning champion Chris Froome won that race.
Four tips to secure IoT networks
Mohammed Abukhater, vice president at FireEye in the Middle East, said:
- Keep device software up-to-date. Most come with basic operating system, so users should ensure that they always have the latest version
- Besides a strong password, use two-step authentication. There should be a second log-in step like adding a code sent to your mobile number
- Usually smart devices come with many unnecessary features. Users should lock those features that are not required or used frequently
- Always create a different guest network for visitors
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
MORE ON TURKEY'S SYRIA OFFENCE
Arrogate's winning run
1. Maiden Special Weight, Santa Anita Park, June 5, 2016
2. Allowance Optional Claiming, Santa Anita Park, June 24, 2016
3. Allowance Optional Claiming, Del Mar, August 4, 2016
4. Travers Stakes, Saratoga, August 27, 2016
5. Breeders' Cup Classic, Santa Anita Park, November 5, 2016
6. Pegasus World Cup, Gulfstream Park, January 28, 2017
7. Dubai World Cup, Meydan Racecourse, March 25, 2017
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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Sweet%20Tooth
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Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
LUKA CHUPPI
Director: Laxman Utekar
Producer: Maddock Films, Jio Cinema
Cast: Kartik Aaryan, Kriti Sanon, Pankaj Tripathi, Vinay Pathak, Aparshakti Khurana
Rating: 3/5
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
