Prior to the arrival of the Covid-19 pandemic, several countries were already suffering from unemployment issues. However, the Covid-19 hit the world so hard that the countries had to shut down for an undefined period. A lot of companies had to reduce their staff in order to cut the cost and kept a few to work from their homes. Since the economies started to collapse, the unemployment rate during the first wave of Covid-19 increased more than we could imagine.
However, after a few months, many countries started to lift their lockdowns for a limited time so that life could be brought back to normal. Unfortunately, the world has now started to experience the second wave of Coronavirus, to which the majority of the countries are planning to implement micro lockdowns.
The infographic below shows the unemployment rate in different countries right now before the lockdowns start again in response to the second wave of deadly Covid-19. According to the infographic, it is clear that underdeveloped countries have higher unemployment rates than the developed countries. The worst three rates of unemployment are seen in South Africa, the West Bank and Gaza, and the Bahamas. On the other hand, countries with the lowest unemployment rate include Singapore, the Czech Republic, and Switzerland.
Infographic by: Howmuch.net