Experts across the world agree that coronavirus is going to have a negative effect on the global economy. The consulting firm, McKinsey, expects unemployment to double in the coming months and, in the worst-case scenario, only recover in 2024.

Unemployment set to skyrocket

McKinsey, the American consulting firm, has estimated that 59 million jobs in Europe are at risk of being lost during the current coronavirus pandemic. “Not only would losing these jobs be a tragedy on an individual level, it would also be painful from an economic perspective,” said a report from the management consulting firm.

Of all the jobs that are at risk, half of them are in the catering, construction, customer service and sales industries. According to McKinsey, Europe’s wholesale and retail sector could see the loss of 14,6 million jobs; 8,4 million jobs could be lost in the hotel and catering sectors and the arts and entertainment industries face 1,7 million job losses.

The long road to recovery

McKinsey estimates that, for 2020, unemployment in the European Union is at 7,6 percent. Their report states that a return to the pre-crisis level will not be possible until the fourth quarter of 2021. In the worst-case scenario, McKinsey estimated that unemployment in Europe could climb to 11,2 percent. In this case, a recovery would only be possible by 2024.