OECD: Unemployment to surge up to 10%

The COVID-19 pandemic has caused the worst economic recession since WW2, with the OECD forecasting a drop in Slovak GDP of more than 11 percent in 2020 if the outbreak hits Slovakia again in a second wave. According to OECD experts, the outbreak will leave a long-term mark on demand and cause structural economic changes. Real income per capita is estimated to scrunch down to the 2015 level, meaning that the outbreak will undo five years' worth of income growth. The unemployment rate in Slovakia is expected to swell to the neighbourhood of 10 percent, with the OECD warning that up to 100,000 people might lose their jobs and the crisis is bound to have the most effect on the most vulnerable. Among the high-risk groups to bear the brunt of the coronavirus crisis in Slovakia are non-standard employees such as seasonal workers, tradespeople, members of marginalised Roma communities and young people, all of whom need special attention from the Government and the introduction of a social safety net.