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Job Crisis – Global Rise of Unemployment

Job Crisis – Global Rise of Unemployment

Job Crisis became the effect of the global lockdowns. The pandemic has forced many industries to rethink their supply chains and logistics. Other businesses were forced to cut employment or shut down due to the restrictions. This has led to an unemployment crisis across the globe.

Globally, the unemployment rate increased from 5.371% in 2019 to 6.469% in 2020. This came as no surprise due to the pandemic.

Many across the globe continue to suffer due to intermittent restrictions and it has come largely unnoticed. The unemployment rate is a mix of skilled and unskilled workers. Among those who suffer are the fresh graduates who find it hard to find a job competing with those recently laid off due to the COVID lockdowns.

Many chose to self-employ hoping to be a part of the digital industry boom. More and more self-starting companies pop out on the internet offering their services or solutions.

The rise in unemployment is expected to give rise to household debts. The total global debt is racing towards $205 trillion from $183 trillion in 2019. This was partly due to the pandemic response by governments amounting to $24 trillion.

Many governments are urged to address the job crisis however, the constant threat of the pandemic with no permanent solution makes it a bit impossible for any solution. One of the increasingly popular options especially to millennials is social media and the internet. Although it is a potential market, it would still not be able to fully address the global shortage in jobs.  

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