January 17, 2022

Full Recovery in Global Labor Market Could Take Years

[Wallstreet Journal]

U.N. projections note a divide between rich countries with labor shortages and poor ones where joblessness remains high

It will take at least two years before global unemployment falls back to pre-pandemic levels, according to fresh projections, with joblessness in poor countries remaining high even as labor markets in rich countries become increasingly tight.

The pandemic has upended the global labor market, initially sending unemployment soaring around the world. A surge in demand following the reopening of rich economies such as the U.S. created huge disruptions in labor markets, with companies in need of workers. But at the same time, a lack of vaccines in many poor countries is keeping unemployment high.

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