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Business Daily

Dealing with mass unemployment

Business Daily

BBC

Business

4.4816 Ratings

🗓️ 27 July 2020

⏱️ 18 minutes

🧾️ Download transcript

Summary

It’s estimated that the coronavirus pandemic will leave a quarter of a billion people out of work this year. Many of the jobs lost may never come back. Elisabeth Reynolds at the Massachusetts Institute of Technology says governments must take more radical action.

And with its generous benefits system and flexible jobs market, what can Denmark teach us about navigating the post-Covid jobs landscape? We ask Jacob Kirkegaard, senior fellow at the Peterson Institute.

Photo: A man stands in front of the closed offices of the New York State Department of Labour (Credit: Getty Images).

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to Business Daily from the BBC with me, Manuel Saaragossa.

0:06.3

Coming up, what the post-COVID jobs landscape might look like.

0:10.4

It will be different. There's no question about it. And we need to help workers make that

0:14.1

transition. Are the answers in Denmark?

0:16.6

I think the Danish model is for countries that can find the political consensus to finance it

0:23.7

is an attractive option, yes.

0:26.5

That's all here in Business Daily from the BBC.

0:32.8

I tried searching for jobs. I've applied for tens, if not hundreds of positions. There's no

0:40.7

offices open. There's no interviews being taken. It's a struggle to try and find something.

0:46.3

It's awful, petrifying.

0:50.2

A British ex-employee there. She's one of millions who've lost their job in the coronavirus pandemic.

0:57.9

It's left the world facing a staggering jobs challenge.

1:00.9

We're estimating that we may see as many as a quarter of a billion people unemployed over the course of this year.

1:09.5

And some of those lost jobs may never come back.

1:12.8

Even if we're able to unlock quickly and almost completely, there will be lasting damage done

1:18.4

to our labor markets, to our enterprises and to jobs. Some stark predictions there from Microsoft

1:24.5

President Brad Smith and Guy Ryder, Director General of the International Labor Organization.

1:30.6

Each job lost is also a potential personal tragedy.

1:35.3

I just got an email saying, I'm really sorry, but we've had to let you go.

1:39.8

And it just plummets, you know, your move plummets, mental health plummets, and it's just,

1:46.1

it's been very difficult living in limbo, essentially.

1:49.7

We're helpless. We can't send money home by taking our jobs away. They're snatching away

...

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