Across the globe, both cyclicaldownturns and structural changes episodically eliminatesubstantial numbers of jobs and in the process createserious dislocations. For instance, the rise in joblessnessbecause of the ongoing COVID-19 crisis is projected to beextraordinarily steep. As a response to job displacements,governments have implemented a range of measures tofinancially compensate displaced workers, assist them infinding reemployment, or both. The challenges should not beminimized: job losses have significant economic as well associal and psychological consequences; laid-off workersoften lack the skills or geographic proximity to easilytransfer to sectors that are growing; and providing adequatesupport can be expensive. Nonetheless, careful public policyresponses can help mitigate the costs of job displacementsand support workers in finding productive reemployment.
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