The global economy as a whole came to a standstill as the pandemic hit the world in its full thrust. The international financial organizations are predicting a severe drop in the economic output on a worldwide basis. As per recent statements from the International Monetary Funds (IMF) the economic crisis that is predicted to be on the cards is going to be far more devastating than the economic crisis of 2008 - 2009. 

The Unemployment Rates Before and After the onset of the Pandemic

Source: CNBC

The major impacts that can be witnessed already are the massive recessions of Jobs. According to the World Bank, all the regions are on its verge to face the worst recessions that they have witnessed in the past few decades. As per the further reports, the top contributors of the global economy are already in their phase of recession. The steeping growth of the unemployment rates are staggering and it is projected to go much higher than it is now. The job sectors worldwide are speculated to be the worst affected zones due to the constantly dipping global economy. 

The UN has already in its report stated that the worldwide unemployment in 2020 is predicted to be over 2.5 million. In countries like Australia, the unemployment numbers have increased by 15,700, which happens to be the highest in the last 30 years. In India over 18.9 million people officially went out of jobs since the declaration of the country wide lockdowns. The Reserve Bank of India (RBI) stated in its recent statement that the recovery of the economic health of the country will be difficult with the regaining of the salaried jobs. 

The New Employement Policies

Source: Economic Times

The unemployment crisis in the wake of India’s already falling GDP, came as a greater bolt, as the country was laying down plans to recover. According to the economic experts of the country, this blow is going to take the country a few steps back from where it has reached in its course of recovery. The incidences of suicides and depressions are also at a rise among the population that has run out of their savings post the losing of their jobs. Most of the share of the population that has still managed to sustain their jobs are either working with a newer salary policy or layoffs. The policies of salary cuts have become a new process of job survival in this phase of Pandemic.