[News] The Bank of Spain calculates that the new normality threatens 20% of employment: the job profiles that are most at risk of losing their job

[|N4SS3R|]

A new study by the Bank of Spain describes how the new normality in reopening the economy can affect the labor market. Around 3.75 million jobs will be threatened by security conditions and the fall in general demand. Experts point out that, once again, precarious jobs will be those that pay for the broken dishes and warn that not all regions will suffer unemployment equally. The Balearic Islands, the Canary Islands and La Rioja will take the brunt of it. In addition, it indicates that the affected workers will find it difficult to relocate in sectors with greater employment potential due to lack of training and skills.

The job market in Spain will be devastated by the coronavirus pandemic in the new normal. The Bank of Spain projects, in a new report, the potential loss of 3.75 million jobs after overcoming the coronavirus hit, which represents almost 20% of total employment. The economists Brindusa Anghel, Aitor Lacuesta and Ana Regil of the General Directorate of Economy and Statistics have carried out a simulation of the sectors most affected by the social distancing measures that will have to be adopted until there is an effective treatment against the coronavirus.

"It is expected that in the immediate period after the confinement, activities related to tourism, catering and mass leisure will face a weak demand due to the necessary social distancing, even if they could be developed following strict public health security regulations. "influence the experts. Until the end of April, almost a million jobs were gone and more than 3.5 million workers were hanging by a thread in the ERTE."

 

 

To get an idea of the possible devastation for the labor market, the previous crisis can be taken as a reference. According to the EPA, from late 2007 to early 2014, 3.62 million jobs were lost. The experts of the Bank of Spain handle these figures for the coming months. Economists highlight the main reason for this catastrophe, the dependence on the service sector of the Spanish economy, especially hospitality, tourism and mass leisure, the sectors hardest hit by the current crisis and that still do not see a viable solution to the measures of lockdown.
 

 

Young people are at higher risk of losing their jobs



   16-24 Years  |  25-34 Years  |  35-44 Years  | 45-54 Years  |  55-64 Years   |  65 Years +



 

Economists also put commerce in physical establishments, both retail and wholesale, in the eye of the hurricane, with a notable weakness in demand, due to the lower influx of customers they will have at the risk of contagion and the rise of Internet commerce.

Edited May 21, 2020 by YaKuZa--BoSs
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