Countries across Europe continue to ease lockdown measures as a new report warned up to a quarter of jobs on the continent are at risk in the economic fallout of the enveloping coronavirus crisis.
by the American consultancy firm McKinsey today warned that the COVID-19 pandemic could leave up to 59 million jobs at risk in Europe – a total of 27% of the workforce in the European Union and U.K.
“With economic activity in many sectors having ground to a near standstill, many businesses are struggling to uphold their financial obligations,” the report, based on an examination of the industries, occupations and people most vulnerable to the economic fallout, reads. “And with uncertainty looming large, many companies are considering adjustments in their workforce.
Christel Lerche at Hairdresser Hot N Tot reopens and welcomes the first customers, in Bagsvaerd near Copenhagen, April 20, 2020.The most high-risk occupations have workers who are used to working in close proximity with others, such as in the accommodation, food, retail and arts industries. Younger workers are also at a higher risk of losing their jobs, according to the report.
Most European economies took nearly ten years to recover from the shock of the 2008 financial crisis, and the expected fallout of coronavirus is expected to “far outstrip that of the financial crisis,” according to the report. “The economic shock from COVID-19 is truly unprecedented, and unparalleled with even the global financial and Eurozone crises. It is the most severe economic event to hit Europe since the Great Depression,” Sahil Tesfu, an associate partner in McKinsey’s Munich office and one of the report authors, told ABC News. “However, first and foremost this is a public health issue which must be effectively tackled.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lynda La Plante on how adoption at 59 was 'best thing to happen to her'EXCLUSIVE: The best-selling crime writer, 77, who is in lockdown in her Surrey mansion adopted Lorcan as a newborn and says they bonded immediately
Read more »
Countries in Europe look to ease coronavirus restrictionsThere are new signs of hope in Europe as countries begin to ease lockdowns: in Spain, a makeshift hospital was closed, and in Denmark children returned to school. Officials continue to urge caution as the continent’s death toll surged past 100,000 fatalities.
Read more »
Germany reopens some shops as parts of Europe ease virus curbsLarger shops and those in major German cities will open later as part of an attempted phased return to a more normal existence that will also see some students go back to school from May 4.
Read more »
Europe reaches grim milestone, surpasses 100,000 coronavirus deathsThe continent has become the epicenter of the contagion.
Read more »
Coronavirus updates: More than 1 million cases in EuropeCORONAVIRUS LATEST: —Italy cases rise to nearly 179,000 —NY hospitalizations numbers on the descent, Cuomo says
Read more »
Turkey has most coronavirus cases outside Europe and U.S.Turkey's confirmed coronavirus cases have risen to 86,306, Health Minister Fahrettin Koca said on Sunday, the highest total for any country outside Europe or the United States.
Read more »