In my entire life, I do not think I have witnessed the number of unemployment that occurred during the coronavirus pandemic and the lockdown period. Although, the government has reopened a lot of states and countries and this companies are already employing again, it isn’t still back to normal in several countries. In fact, those that got employed back are being lay offed again while those who are lucky to stay got their salaries slashed. Well, I do not expect magic to happen neither do I expect people to start seeing jobs immediately since the previous economic downtime of 2008 took 6 years for the country to recover.
The ratio at which workers are losing their jobs currently isn’t cool enough. Not all countries are giving bailout to small companies and although he big companies have large numbers of employees in their organization, the small firms and businesses still employ 60% of the workforce worldwide leaving the rest to the government and the big corporation. The federal reserve of the United States says unemployment will be at the rate of 9% at the end of the year which is really down compared to the 3.5% pre covid-19.
Do not forget that most developed countries in the world had the strongest labor markets where people got employed as they were living college (I can’t say for underdeveloped countries because the unemployment rate still keeps increasing, thanks to corruption). The U.S had a very strong labor market as tech and every other field were coming together to bring out something unique which eventually created a job space. There were open job positions in Silicon Valley and Wall Street but with the coronavirus pandemic, people started filing for unemployment in millions and although the pandemic is down, about 21 million Americans are still unemployed. The job loss started from the travelling then retail and many more industries. Small businesses opening now will be faced with paying bills which is an expense for them even when they weren’t making sales for a long time.
Will all this small companies survive?
Will the economy bounce back quickly?
Will the people who lost their jobs worldwide get their jobs back before the end of the year?
Will this pandemic not become a spiral occurrence were there will be another lockdown after the reopening?
These are questions that are worrying and causes a lot of concern. Will the economy be the same again in the next few months?