COVİD-19 SALGINI VE İŞSİZLİK ORANLARI İLİŞKİSİ: OECD ÜLKELERİ ÖRNEĞİ
COVID-19 PANDEMIC AND UNEMPLOYMENT RATE RELATIONSHIP: THE CASE OF OECD COUNTRIES

Summary/Abstract: Covid-19 pandemic has caused the decrease in the production and supply chain as well as demand for good and service of countries, millions of people become unemployed, pronounced volatility in financial markets, and eventually to recession. According to the World Bank estimates, the global economic growth rate decreased by 4.5% to 6%, 95 million people were included in the extreme poverty, and according to the World Trade Organization estimates, global trade decreased by 5.3% in 2020. However, in the same year, global employment losses reached 110 million people, global labor income decreased by 8.3%, and the number of unemployed increased by 33 million people. In the OECD, while unemployment rates were 5% before the pandemic, it increased to 8% during the pandemic. In this study, the effect of the Covid-19 epidemic on unemployment rates was investigated in the example of OECD countries, using panel data methods for the period March 2020-2021. The AMG estimator revealed that unemployment rates increase as the number of deaths due to Covid-19 in OECD countries increases. On the other hand, the Dumitrescu-Hurlin causality test showed that there is a two-way relationship between the number of people who lost their lives due to Covid-19 and unemployment rates in OECD countries.

• Details
• Contents