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Corona Pandemic rise in Unemployment Problem

Are you looking for unemployment problem in COVID or you are already experiencing it?
The most widely used measure is the unemployment rate. It counts how many people who are able to work and want a job, but can’t find one. The unemployment rate is rising and the coming end of government support schemes could see it rise even further. How high could the unemployment rate go?

Bangladesh’s Unemployment Rate dropped to 4.15 % in Dec 2020, from the previously reported number of 4.19 % in Dec 2019. The data is reported by World Bank. In the latest reports, Bangladesh’s Population reached 167.56 million people in Jun 2020. The country’s Labour Force Participation Rate increased to 59.01 % in Dec 2020.

Around 1.7 million youths in Bangladesh may lose jobs this year due to the Covid-19 pandemic if the virus containment measures continue to be in force for six months, predicts an international study.
The report, jointly published by the Asian Development Bank (ADB) and the International Labour Organisation (ILO) on Tuesday, also shows the pandemic might cause job losses to about 1.18 million youths in the three-month virus containment. The rise in the unemployment rate will be more than double the last year’s figure (11.9%) if the containment is extended to six months in Bangladesh. However, Bangladesh’s gross domestic product growth may be 4.5 percent, the study also reckons. Youths aged between 15 and 24 years are especially vulnerable as the Covid-19 crisis disrupts economic activities, with the youth being deemed as the first option for the cut-offs given the lack of professional experiences, according to the report.

Aggregate job losses may occur in seven sectors of Bangladesh: agriculture, retail trade, hotels and restaurants, inland transport, construction, textiles and textile products, and other services. These seven sectors may account for 76 percent of total youth job losses in the country. The agriculture sector will suffer most job losses followed by textile and textile products, construction and retail trade.

Around 1.7 million youths in Bangladesh may lose jobs this year due to the Covid-19 pandemic if the virus containment measures continue to be in force for six months, predicts an international study. The report, jointly published by the Asian Development Bank (ADB) and the International Labor Organization (ILO). Youth unemployment in Bangladesh may more than double in 2020 if the country takes six months to contain the coronavirus pandemic, which has caused economic output and demand to fall drastically, according to Daily Star. The jobs losses are for the whole of 2020 and are full-time equivalents. The report said 11.17 lakh youth would lose jobs in Bangladesh in case of a short containment. The number would go up to 16.75 lakh if the country takes six months to curb the deadly virus. Agriculture, retail trade, hotels and restaurants, inland transport, other services, construction and textiles sectors would account for 75.9 per cent of the job losses in Bangladesh.

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