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Full Recovery in Global Labor Market Could Take Years
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It will take at least two years before global unemployment falls back to pre-pandemic levels, according to fresh projections, with joblessness in poor countries remaining high even as labor markets in rich countries become increasingly tight.
The pandemic upended the global labor market, initially sending unemployment soaring around the world. A surge in demand following the reopening of rich economies such as the U.S. created huge disruptions in labor markets, as companies scrambled for workers. But at the same time, a lack of vaccines in many poor countries is keeping unemployment high.
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