What took a decade to achieve unravelled within a matter of months. It seems like another age, but the start of 2020 had marked a decade of decline in the unemployment rate of the world's advanced economies.
When the Covid-19 pandemic struck, the unemployment rate in Organisation for Economic Cooperation and Development (OECD) countries increased by an unprecedented 3.6 percentage points between February and April, to 8.8 per cent - the highest rate in a decade. The OECD unemployment rate has since fallen but is expected to remain above pre-crisis levels throughout 2022.
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