The employment rate in Organization for Economic Cooperation and Development (OECD) countries will lag behind pre-pandemic levels at least through the end of 2022, according to a report from the organization on Wednesday.
Nearly 22 million jobs were lost across OECD countries last year compared to 2019, and 114 million were lost around the world, said the OECD Employment Outlook 2021 report.
Despite a partial recovery, over 8 million more people are unemployed in the OECD area compared to the onset of the crisis, while over 14 million more people are not actively looking for a job, the report said.
The number of young people age 15-24 neither employed nor in education/training – the NEET rate – rose nearly 3 million, reversing the trend of the past decade.
By the end of 2020, the average NEET rate stood at 12%, up a full percentage point on a yearly basis.
Mathias Cormann, the OECD secretary-general, stressed the importance of getting policy settings right to encourage business investment and job creation.
“Withdrawing support too soon would risk jeopardizing the recovery,” he added.
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