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Is this time really different? How the impact of the COVID‐19 crisis on labour markets contrasts with that of the global financial crisis of 2008–09

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  • Sher VERICK
  • Dorothea SCHMIDT‐KLAU
  • Sangheon LEE

Abstract

The COVID‐19 pandemic resulted in a more severe labour market crisis in 2020 than that witnessed during the 2009 global financial crisis. As a consequence of lockdown measures, which have been the main cause of damage to labour markets, the deepest impacts in 2020 have been found in middle‐income economies, while certain sectors, such as accommodation and food services, and groups, especially young women, have proved to be particularly vulnerable. Contrary to adjustment processes during the global financial crisis, the COVID‐19 crisis has resulted in a greater rise in inactivity than in unemployment. Policy support needs to be maintained to avoid an unequal recovery.

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  • Sher VERICK & Dorothea SCHMIDT‐KLAU & Sangheon LEE, 2022. "Is this time really different? How the impact of the COVID‐19 crisis on labour markets contrasts with that of the global financial crisis of 2008–09," International Labour Review, International Labour Organization, vol. 161(1), pages 125-148, March.
    • Handle: RePEc:bla:intlab:v:161:y:2022:i:1:p:125-148
    DOI: 10.1111/ilr.12230
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    References listed on IDEAS

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    1. Anna Tokarz-Kocik & Anna Bera & Karolina Drela & Agnieszka Malkowska, 2023. "The Impact of the COVID-19 Pandemic on the Labour Market in the Hotel Industry: Selected Conditions in Poland," Sustainability, MDPI, vol. 15(6), pages 1-15, March.
    2. Sher Singh Verick, 2023. "The Challenge of Youth Employment: New Findings and Approaches," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 66(2), pages 421-437, June.
    3. Paul-Francois Muzindutsi & Akita Sheodin & Joshua Moodley & Khmera Moodley & Mayuri Naidoo & Purusha Ramjiyavan & Rinay Moonsamy & Tiffany Atalia Pillay & Fikile Dube, 2022. "Contagion risk in Equity Markets during Financial Crises and COVID-19: A comparison of developed and emerging markets," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 69(4), pages 615-629, December.
    4. Katarina Kramarova & Lucia Svabova & Barbora Gabrikova, 2022. "Impacts of the Covid-19 crisis on unemployment in Slovakia: a statistically created counterfactual approach using the time series analysis," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 17(2), pages 343-389, June.
    5. Mathilde Bouvier & François Roubaud & Mireille Razafindrakoto & Roberta Teixeira, 2022. "Labour market transitions in the time of Covid-19 in Brazil:a panel data analysis," Working Papers DT/2022/02, DIAL (Développement, Institutions et Mondialisation).
    6. Athira, A. & Ramesh, Vishnu K., 2023. "COVID-19 and corporate tax avoidance: International evidence," International Business Review, Elsevier, vol. 32(4).
    7. Ortega, Ana M. & Tabares, Felipe A., 2023. "Psychological pricing: Myth or reality? The impact of nine-ending prices on purchasing attitudes and brand revenue," Journal of Retailing and Consumer Services, Elsevier, vol. 71(C).

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