Fix weak labour market, IMF warns Nigeria, others

In a new report titled, ‘Healing the pandemic’s economic scars demands prompt action,’ the Washington-based lender said pandemic-induced losses for both economic output and employment would be significant in coming years, as discussed in its April’s World Economic Outlook.

According to the report, emerging market economies were likely to endure greater losses because they had relatively less access to vaccines and their pandemic-support packages were smaller. For many economies, the outbreak of the war in Ukraine was adding to the challenges, it noted. The report read in part, “Our new analytical work finds that, among the key causes of scarring from the pandemic are the prospective weak labour market recoveries in emerging market economies and the severe disruptions to schooling over the past two years across both advanced and emerging economies. Policymakers must act promptly to repair the damage from the crisis and prevent decades of diminished economic output from lost human capital.

The report added that recessions often had lasting impacts on workers who lost jobs at the depths of the downturn. They might find it hard to get new positions during the recovery and might lose some skills from prolonged joblessness, it said, noting that such losses harmed the affected workers and also reduced overall economic output

It further read, “In addition to the challenges in the labour market and from schooling disruptions, there are other channels for scarring as well. For example, the increase in corporate debt and vulnerabilities in the industries hit hardest by the pandemic could also contribute to scarring by weighing on investment and productivity for years to come, according to new research presented in the IMF’s April World Economic Outlook.

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