Impact of the Covid-19 pandemic on unemployment in selected countries and country groups

Abstract

The economic crisis caused by Covid-19 differs from previous economic crises in several ways. It is a global event that developed unexpectedly and hit the world unprepared, primarily attacking human resources, requiring strong governmental measures. The involvement of the human sphere directly affected people's income and lives through labour market effects. Based on literature and statistical data, this study analyses the evolution of the unemployment data of 11 countries (Australia, Chile, the UK, Israel, Japan, China, Hungary, Germany, Italy, Turkey, and the US) and two country groups (EU-27 and the Organisation for Economic Co-operation and Development - OECD) during the economic crisis. Based on the results, the authors identified three distinct groups of countries with 1. moderate growth, slow consolidation;2. robustious upturn, fast then slow correction, and 3. individual patterns. The study demonstrated how government measures took effect differently from the unemployment perspective. The authors referred to the influence of the inhabitants' collective way of thinking and considered it essential to emphasise the positive impact of vaccines.