Unemployment threat- young people lead frustrating life

Unemployment-threat-Stressed-Woman-Looking-at-a-Laptop

The unemployment problem is all over the world.

The world economy is in turmoil, students are worried about the job market.

Students are worried about the job market in the turbulent situation of the world economy due to the epidemic corona virus. The whole world is devastated by this deadly virus.

The virus has already infected 213 countries and territories around the world. After a long period of stagnation, the world has started to become somewhat normal.

In many countries the rate of corona infection has begun to decline. But in the meantime another stream of corona virus is coming back to the world.

This will stop production, import, and export. Demand will also sink to the bottom. Millions of workers will have to return home after losing their jobs…Which could have a severe impact on the world economy. Meanwhile, due to the epidemic, like the rest of the world, everything is stuck in South Asia’s countries India, Bangladesh, Pakistan.

No circulars, no job tests. No one knows when this epidemic will end, when the job process will start again. Those who are unemployed, in need of jobs, their lives are going through an uncertainty due to this epidemic.

No work, as long as it’s going to be a burden for the family. The dirty look of family members is adding to that frustration.

Unemployment: Historic job losses in the US

Unemployment threat

The International Labor Organization says the second wave of corona could cause 340 million people to lose their jobs worldwide. And 40 million people in India alone can go below the poverty line.

They fear the situation could be worse than the 2008-2009 financial crisis.

In December last year, the ILO predicted that 2.5 crore people would become unemployed again. The World Labor Organization says the number is likely to rise as the coronavirus outbreak continues. They say that in the second quarter of 2020 alone, 6.8 percent of the world’s work time will be wasted in Corona.

Unemployment rate in South Asia’s country

However, despite these fears, the CMIE has given a positive report on the unemployment rate in India. Under the Corona situation, the unemployment rate in India reached 26 percent.

In the first week of June, before the lockdown, the unemployment rate in India was 17.5 percent. Then the lockdown eased and the rate dropped to 11.6 percent. According to the latest report, the unemployment rate in the country has come down to 10.99 percent.

Meanwhile, about 2 million young people enter the job market in Bangladesh every year. A large number of them try to enter the public-private sector after completing their undergraduate or postgraduate studies. The unemployment rate in the country is already high. But the crisis has been exacerbated by the corona virus.

ILO reports on unemployment

According to the International Labor Organization (ILO), one in six people in the world is unemployed in the corona virus crisis. Unemployment has been rising since February this year. The ILO says students are being affected by the epidemic in three ways. Unemployed on the one hand, as well as their education and training is being disrupted. This is hampering the process of entering their jobs and increasing their skills. According to the ILO definition, a person is considered unemployed if he or she does not have the opportunity to work one day or one hour a week.

young-people-lead-frustrating-life
young-people-lead-frustrating-life

Experts say big companies may not be cutting jobs, but small or medium-sized companies are cutting jobs. Now no one is hiring except the development sector, NGOs or e-commerce companies. The damage of corona virus has fallen on all businesses. Business is much lower than before.

According to an ILO report, 19 million people will lose their full-time jobs in the next three months due to the Kovid-19 epidemic in the second quarter of this year. At present, four out of five jobs in the world’s full or part-time workforce are being damaged in one way or another by Kovid-19. A large part of the victims of this loss are young people. Guy Ryder, director general of the ILO, said the damage could continue for decades to come if significant things were not done for young people in an emergency.

Recommended For You

About the Author: K.Homer

Blogger and love to read different things online. SEO professional at Fiverr platform.