The Organization for Economic Cooperation and Development (OECD) estimated in its annual employment outlook published on Wednesday that the unemployment rate in Q4 of 2022 will be 0.4 points higher than it was a last year pushing the number of the unemployed up by 2.84 million.
According to data 22 million jobs were lost in member states and 114 million worldwide only in 2020, where unemployment rose to 8.8% of the workforce in April, compared to 5.3% in December 2019.
OECD Secretary-General Matthias Cormann said that the recovery is proceeding faster than expected, yet it is incomplete, stressing that “pre-pandemic levels will not be restored until 2023.”
Cormann added that the priority is to equally vaccinate the largest number of people possible worldwide, as recovery will remain risky as long as vaccination is unequal.
Currently, unemployment increased by 8 million more in the OECD, with 43.5 million in May, with an unemployment rate of 6.6%, and about 14 million people who are not actively looking for work.
The countries with the worst performance so far are Colombia with a 15% unemployment rate in May, and Costa Rica with 17.6%. In contrasts, the situation returned to pre-pandemic levels in France and Australia.
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