The corona virus pandemic is massively affecting the global economy. In Europe alone, the consulting firm McKinsey expects unemployment to double. In the worst case, a recovery will not be noticeable until 2024.
Unemployment in Europe could almost double in the coming months. The McKinsey consultancy estimates that 59 million jobs are at risk of being lost through permanent losses such as wage and hourly cuts as a result of the coronavirus pandemic. “Losing these jobs would not only be a tragedy on an individual level, it would also be painful from an economic perspective,” McKinsey said in his report.
For 2020, the consulting firm estimated unemployment in the 27-member block at 7.6 percent. A return to the pre-crisis level could not be possible until the fourth quarter of 2021, the study says. In the worst case, McKinsey assumes that unemployment in Europe could even climb to 11.2 percent and only recover from the consequences of the virus outbreak in 2024.
Half of all vulnerable jobs would be in customer service and sales, catering and construction. Europe’s wholesale and retail sector could face 14.6 million jobs, 8.4 million jobs in the hotel and catering sector and 1.7 million in the arts and entertainment sector.
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