In 2020-Q4, the average unemployment rate in OECD countries declined by 0.75 percentage points relative to the previous quarter, reaching 6.9%. The decline is visible in most selected countries, except for Switzerland and Germany, where unemployment remained stable. The limited labor market impact of the second wave of the COVID-19 pandemic is likely to follow from effective targeted financial aid to firms through financed short-time work arrangements by the government. The OECD predicts a gradual decline in unemployment in (almost) all countries from the second half of 2021, as economic activity transits towards normality.
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