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European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead
Author:
Mr. Sakai Ando
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https://orcid.org/0000-0003-2785-4375
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Mr. Ravi Balakrishnan
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Bertrand Gruss null

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Mr. Jean-Jacques Hallaert
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https://orcid.org/0000-0002-0009-1622
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La-Bhus Fah Jirasavetakul
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Koralai Kirabaeva null

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Nir Klein
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Ana Lariau null

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Lucy Qian Liu
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Mr. Davide Malacrino
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Mr. Haonan Qu
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Alexandra Solovyeva null

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Series:
Departmental Papers
Volume/Issue:
Volume 2022: Issue 004
Language:
English
Publication Date:
03 Mar 2022
DOI:
https://doi.org/10.5089/9798400200960.087
ISBN:
9798400200960
ISSN:
2616-5333
Pages:
96
Keywords:
Covid-19 pandemic; labor market; job retention schemes; reallocation; contact-intensive sectors; vacancies; layoffs; automation; reskilling; hiring subsidy; Labor reallocation; recovery prospect; labor market condition; aggregate labor market outcome; unemployment rate forecast; retention scheme; policy support measure; EU unemployment rate; labor market outcome; Labor markets; Employment; COVID-19; Unemployment; Unemployment rate; Europe; Global
Legal-disclaimer:
The Departmental Paper Series presents research by IMF staff on issues of broad regional or cross-country interest. The views expressed in this paper are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its pre-crisis level by 2021Q3, and in some countries the labor force participation rate is at a record high. This paper documents that the widespread use of job retention schemes has played an essential role in mitigating the pandemic’s impact on labor markets and thereby facilitating the restart of European economies after the initial lockdowns.
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Cover Departmental Papers
Departmental Papers
ISSN:
2616-5333
Publisher:
International Monetary Fund