The COVID-19 Pandemic and its impact on the global labour market: an analysis of emerging trends (part two)

Abstract

In the context of the economic crisis caused by the spread of coronavirus infection, the global labour market has faced serious challenges, on the timeliness and effectiveness of the response to which the viability of the world economy today depends. The crisis is global in nature and has a significant impact on investment, global value chains, and international trade, with serious consequences not only for the economy but also for the working-age population in all countries of the world. The global economic turmoil caused by the coronavirus pandemic requires a thorough analysis of the scale of its consequences in order to determine the most rational solutions. A situation of uncertainty about the future, fear of devastating consequences, and pessimistic forecasts were the companions of the first days of the pandemic. This article provides the first estimates of the level of unemployment and employment in various countries of the world in 2020. The article is divided into two parts due to its large volume. The first part analyzed the impact of the COVID-19 pandemic on the level of employment in various countries of the world, its consequences for the global labour market in the context of changes in the income of employees, and the amount of time worked. The features of the adaptation of the labor markets of individual countries of the world, as well as the reasons for the differences in the dynamics of the unemployment rate in different regions of the world, are revealed. The calculations of the employment elasticity coefficient for GDP for a number of countries of the world are carried out, the analysis of the obtained values is carried out. The segments of the labour market that are most affected by the impact of the pandemic are identified. The second part of the article identifies the main trends inherent in the Russian labour market before the outbreak of the epidemic and the trends whose outlines became visible during its manifestation. The essence of the main changes that occurred due to the need to adapt to new conditions is revealed. The main differences from the mechanisms of selfregulation of the labour market, which appeared during the previous economic shocks, are revealed. The impact of the pandemic on informal employment in the Russian economy is considered