Consequences of the pandemic on the labor market

Abstract

According to the World Bank, the decline in the global economy in 2020 amounted to 3.5%, the IMF – to 3.2%. Over 93% of working people in the world have faced restrictions. In 2020, the unemployment rate rose to 6.5% in the world, and in Kazakhstan – to 4.9%. The coronacrisis turned out to be the second largest crisis in the history of the Republic of Kazakhstan. For 20 years it was the first time when Kazakhstan’s GDP growth rate turned negative, amounting to –2.6% by the end of 2020, as a result of which the country ranked 2nd in terms of economic decline among Central Asian countries. The government also faced a crisis in the world oil market, which is the main export commodity and the main source of income. Therefore, the identification of the consequences of the COVID-19 pandemic determines the topic of this study. In the article, the authors analyse the negative impact of the coronacrisis on all aspects of economic and social activity globally and locally in Kazakhstan. The aim of the study is to assess the situation in the labor markets under the influence of the pandemic. The result of the study was the conclusion that a properly structured state policy will contribute to the speedy restoration and return of the world to normal life. Therefore, regular monitoring and control of all anti-crisis measures at the highest level, as well as constant adaptation and diversification of policy measures taking into account the ongoing changes in the world, is of great importance.