7 chief economists on how to solve the pandemic’s labour market paradox

-Chief economists see the growth rate for 2021 about 6%, and most expect a recovery of global GDP to its pre-COVID-19 level by the first half of 2022.

-They see the largest risk of scarring from a delayed wave of bankruptcies, followed by labor market scarring.

-They also expect the largest conflict potential internationally arising from cyberattacks.

-A significant number believe that 2050 is not ambitious enough for net-zero targets.

 
Are we on the verge of the “Roaring Twenties” ­– or will continued unemployment and economic hardship stall the post-pandemic party for the foreseeable future?

Actually, it depends ­– on the country, the sector, the worker’s gender, age, income and skills, and how policy-makers worldwide respond to structural shifts in the workforce.

“While there are expectations that a robust economic recovery will occur in the second half of 2021 with the roll-out of vaccination against COVID-19, the global economy is still facing high levels of uncertainty and there is a risk that the recovery will be uneven,” according to an International Labour Organization (ILO) analysis.

In 2020, around 255 million full-time jobs were lost worldwide – “approximately four times greater than during the global financial crisis in 2009,” says the analysis.

Quotes from chief economists here

Find the report here