ECONOMY

Fewer job losses than OECD average

fewer-job-losses-than-oecd-average

Employment in Greece will suffer a 3.8% decline in the coming months, with the jobless rate increasing by 2.3 percentage points, the Organization for Economic Cooperation and Development (OECD) projects.

Similarly, the Labor Institute of the Greek Labor Confederation (GSEE) estimates in its monthly bulletin that at least 115,000 jobs will have been lost by the end of the year if the economic contraction is contained to 6%, while job losses will come to 192,000 if gross domestic product shrinks by 10% in 2020.

The rise in Greece’s unemployment rate will be smaller than in most other OECD member-states, where the average jobless rate will climb to at least 9.4% at end-2020, which is the highest level since the Great Depression in the 1930s. The rise in unemployment will range between 3.5 and 3.8 percentage points across the OECD.

The Labor Institute also notes that the crisis has changed workers’ labor and living conditions, while Greece has the highest rate of vulnerable employment (26.7%) among the members of the eurozone, where the average rate stood at 10.8%.