LABOR MARKET AND THE COVID-19 PANDEMIC

Brindusa Radu and Lia Anton ()
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Lia Anton: Academy of Economic Studies from Moldova - Doctoral School

Internal Auditing and Risk Management, 2023, vol. 67s, issue 2, 33-37

Abstract: The spread of COVID-19 and the drastic blockages that followed led to the emergence of economies and labor markets around the world in a state of emergency. Governments have had to take a whole series of measures to protect jobs and businesses. In the short term, this means an extreme disruption of citizens and labor markets, as countries impose travel restrictions and blockages nationwide to slow the spread of the virus and prevent overwhelming health services. The coronavirus pandemic has raised the unemployment rate in all European Union countries to alarming levels, with Spain being one of the countries with the highest number of unemployed registered in the last year, according to the latest Eurostat statistics. On the other hand, people in two parts of the Czech Republic are among the lucky ones who have managed to keep their jobs. Labor market volatility is also very noticeable in Romania, where many small and medium-sized businesses have found themselves in a position to lay off staff or to adapt to new trends, by changing the object of activity by 360%. But the full effects of the crisis are still unknown and could last for many years.

Keywords: labor market; COVID-19 pandemic; employment; vulnerable groups (search for similar items in EconPapers)
JEL-codes: E24 F66 J10 J21 J46 (search for similar items in EconPapers)
Date: 2023
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