Why the Pandemic Might Not Boost Inequality
From an economic perspective, the COVID-19 crisis has so far played out much better than feared for more vulnerable segments of society. Initial job and earnings losses were cushioned by generous state support, and the vigorous recovery is leading to much improved employment prospects for many.
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BRUSSELS – During the acute phase of the COVID-19 pandemic in the spring of 2020, when a large part of the population was locked down at home, the economy fell into a deep recession that hit the unskilled and minorities particularly hard. Moreover, in contrast to previous downturns, the job losses were concentrated in sectors with a high proportion of female workers, justifying the term “shecession.”