Mental Health, Suicide, Unemployment
Unemployment and suicide rates hold a steady, concerning correlation. An Oxford University study revealed that suicide rates across Europe and the United States rise 1% for every percentage point increase in unemployment. During this time of correlation and pandemic related mass layoffs. US President Donald Trump has also pointed out that suicide rates will increase due to job losses, economic recession and crises, as has been seen in the past. This was most evident during the last recession, where a United States experiencing a 10% peak in unemployment rates saw the deaths of more than 4,750 people. Should recent forecasts of unemployment reaching 20% come to pass, Western nations could face an additional 20,000 deaths.
US, EU, developing countries where more "unskilled" labourers will be unemployed
HOW IS THIS ISSUE GROWING BECAUSE OF COVID-19?
As many industries face decline, “skilled” and “unskilled” workers are expected to face job losses amidst sweeping employment cuts. For many corporate bodies, the firing of high and low cost employees has become a key cost cutting measure.
WHO ARE THE STAKEHOLDERS?
Skilled and unskilled laborers, governments, corporations and mental health organizations
GROUPS WORKING ON THIS ISSUE
The Coronavirus Aid, Relief, and Economic Security Act approved by the White House last week includes emergency loans to businesses and a short-time compensation program that could encourage employers to keep employees on the payroll.