Forecasted unemployment rate in Italy 2020-2021

According to a forecast from May 2020, the unemployment rate in Italy could reach 11.1 percent in 2020, due to the impact of the coronavirus (COVID-19) outbreak. The rate is then expected to increase to 11.3 percent in 2021. Italy's unemployment rate had reached 9.9 percent in 2019, one of the lowest rates of the last years.

Weak employment situation

Unemployment in Italy started increasing after the 2008 financial crisis and peaked at 12.7 percent in 2014. The issue mostly affected the young population. Similarly, the youth unemployment rate also increased significantly during the same period, reaching over 40 percent in 2014. Even if the figures decreased in the following years, in 2019 the rates were still particularly high in the southern regions. Indeed, the youth unemployment rate in the regions of Sicily, Calabria, and Campania stood at over 46 percent.

COVID-19 impact on economy

The coronavirus (COVID-19) outbreak had a serious impact on Italy’s economy. In April 2020, most Italian respondents declared that the coronavirus pandemic had impacted or would impact in the future their personal incomes. In addition, the fear of losing the job due to the pandemic has been increasing in the country, with more than half of respondents worrying about this between March and May 2020.

Forecasted impact of coronavirus (COVID-19) on the unemployment rate in Italy in 2020 and 2021

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Source

Release date

May 2020

Region

Italy

Survey time period

2020

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