What Are The Consequences Of Unemployment Of World Economies?

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the economic consequences can go beyond less consumption. Many people will turn to retirement savings in a pinch, and draining these savings has long term ramifications. Moreover, as said before, prolonged unemployment can also lead to an erosion of skills, basically robbing the economy of otherwise useful talents. At the same time unemployment can also change the way employees think about their future, it can lead to skepticism and pessimism about investing these long years of training some jobs require. The absence of income created can even lead to the denial of educational opportunities and deprive the economy of those future skills. Last but not least, research has shown that unemployment harms mental health of workers, worsen physical health and shorten lifespans.
It may seem to be a reach to say that unemployment has an affect to society as a whole, but it is not at all. The social costs are difficult to calculate but no less real. There are often increased calls for ...

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