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Italy needs to retrain workers and not just protect them if it wants to recover from the possible structural damage done to the labor market by the coronavirus pandemic, said Andrea Malacrida, who heads temporary employment company Adecco’s Italian unit.
Out of a labor force of approximately 23 million in Italy, about 3 million contracts were not renewed, particularly in sectors like tourism, entertainment and similar areas hard hit by the country’s strict lockdown of businesses and people, said Malacrida, whose company has 350 offices across the peninsula.
“It was a bloodbath for temporary contracts,” he said. “Now, the important thing is to move forward, it’s not enough to furlough or give handouts, we need to retrain people, to create new skills and growth to replace the jobs that aren’t coming back. So far, the government has not done enough on this front, and it could come back to haunt us in the future.”
19,532 in U.S.Most new cases today
-10% Change in MSCI World Index of global stocks since Wuhan lockdown, Jan. 23
-1.073 Change in U.S. treasury bond yield since Wuhan lockdown, Jan. 23
-2.3% Global GDP Tracker (annualized), May