Up to 59m jobs in Europe are at risk because of the economic shutdown from coronavirus, according to a report that lays bare the potential threat of lasting damage to European labour markets and economic growth.
Analysts at McKinsey, the consultancy, estimate that more than a quarter of all private sector employment in the EU and UK could be affected. They define workers at risk as those who suffer cuts in hours or pay, temporary furloughs or permanent lay-offs.
Under McKinsey’s pessimistic scenario, in which severe social distancing restrictions are maintained through the summer to contain the spread of the virus, EU unemployment could double to 11.2 per cent by next year and would be unlikely to return to pre-crisis levels until 2024.
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