Written by: Sneha Elavarasan

As the world continues to grapple with the effects of the COVID-19 pandemic, economists are predicting that an upcoming recession is looming. The economic fallout caused by the pandemic has been unprecedented, with entire industries coming to a standstill and unemployment rates soaring. While the world economy showed signs of recovery towards the end of 2021, the emergence of new variants of the virus and the reintroduction of lockdown measures in several countries has once again cast a shadow over the global economic outlook (1). The pandemic has caused major disruptions to the labor market, with many people losing their jobs due to business closures and reduced demand for goods and services (2). In this article, we will explore the upcoming recession and its impact on unemployment statistics. Continue reading…