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The economic crisis caused by COVID-19 could turn into a “social crisis”, the EU's economic affairs commissioner Paolo Gentiloni has warned, calling for greater involvement from trade unions in the elaboration of national recovery plans.
As the EU economy reels from the pandemic, forecasts suggest that unemployment rates across the bloc may hit their peak this year. At the same time, some 20% of firms foresee a permanent reduction in employment, according to the European Investment Bank’s (EIB) investment report published last Thursday (21 January).
In this episode of EURACTIV’s podcast series on cohesion, we will look at how COVID-19 has affected the labour market, what we can expect from 2021 as well as the different tools the EU has to help protect jobs.
The chief economist of the European Investment Bank, Debora Revoltella, will tell us more about the market forces underlying the economic hardship European workers are going through and give us a better picture of the dynamics that we can expect to play out in the future.