Sun. May 29th, 2022

MARCH 30, 2022

COVID-19 caused the most severe shock to the European economy for at least 75 years, with significant disruptions to the labor market. Nonetheless, a powerful policy response cushioned the pandemic’s impact and prevented unemployment from spiking as sharply as was initially feared. With the region now facing a second shock from spillovers caused by Russia’s invasion of Ukraine, authorities should proceed cautiously as they continue to scale back policy responses, so as not to undo their success in protecting jobs from the pandemic.

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Source – IMF: Europe’s Job Retention Schemes Contained Unemployment, But Challenges Remain