Experts: World will face unemployment akin to Great Depression levels

Top countries are going to face the unemployment rate at its worst since the Great Depression of the 1930s, experts at the Organization for Economic Cooperation and Development said.

According to economists, by the end of this year, the amount of people who will lose their jobs is expected to amount to 10% of the entire employable population in the developed countries, whose overall gross product totals 60% of the GWP. In case a second wave of COVID-19 occurs, the situation will only aggravates, with the unemployment rate in these countries to hit 12%, the Prime business news agency reported.

The United States is expected to see the highest unemployment levels. Among the countries to be most affected are also Canada and the UK. The labor market will not recover until 2021, experts noted.

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