WHAT'S NEXT?: AI will replace 16% of jobs over the next decade. A billion people will enter the job market over the next ten years.

• [New] The consequences of the coronavirus pandemic may prove more devastating than the disease itself for the world's poorest countries as the global economy hurtles into recession, people lose jobs by the hundreds of millions and the risk of hunger grows..
• [New] The Bank of England will pump another £100 billion into the economy over fears of huge jobs losses as the furlough scheme ends this year.
• [New] While the drop in new claims is welcome news and more evidence that the worst of the job losses are behind us, the recovery in the US labor market is expected to be painfully slow.
• [New] Northern Ireland is projected to lose 20% (6,000) of its creative jobs and see a 23% (£300 million) drop in creative industries GVA.
• [New] South West UK is projected to lose 28% of its creative jobs (43,000) and see a 29% (£1.3 billion) drop in creative industries GVA.
• [New] London is projected to lose 16% of its creative jobs (109,800) and see a 25% (£14.6 billion) drop in creative industries GVA whilst the South East is projected to lose 24% of its creative jobs (82,000) and see a 25% (£4.7 billion) drop in creative industries GVA.
• [New] Cultural catastrophe - over 400,000 creative jobs could be lost, with the UK creative industries projected to lose £1.4 billion a week in revenue in 2020.
• [New] On an annual basis, scaling-up public and private energy spending to USD 4.5 trillion per year would boost the world economy by an additional 1.3%, creating 19 million additional energy transition-related jobs by 2030.
• [New] California is expected to face a $54.3 billion deficit over the next year, and unemployment is expected to rise to 18% - that is nearly 1 in 5 Californians without jobs!
• [New] Irish unemployment has risen very significantly and in record time: in Q4 2019 the unemployment rate was 4.7%, near historic lows, but it is now around 27% and is expected to recover to approximately 10% by the end of 2021.
• [New] Social distancing will continue to curtail activity across all sectors of Victoria's economy during calendar 2020, raising the unemployment rate to levels not seen in decades.
• [New] Northern Ireland is expected to lose 20% (6,000) of its creative jobs and experience a £300m drop in GVA for the creative industry.
• [New] Scotland is projected to lose a relatively small 6% of jobs but see the largest percentage drop in creative industries GVA (£1.9bn).
• The European Commission estimates that 2.8 million new jobs in the renewable energy industry will be created in the EU countries by 2020, adding that the alternative energy industry will create over 1% of GDP and, in other words, green energy has bright prospects.
• The second wave would send economies back into lockdowns, pushing global unemployment up to 10% with little hope of job recovery next year.
• Scaling-up public and private energy spending to $4.5 tn a year from the current $1 tn would boost the world economy by an additional 1.3% and create 19 million additional energy transition-related jobs by 2030.
• The Bank of England has cautioned that by the end of 2020, the UK economy could diminish by 14%, with unemployment rates set to double throughout the year.
• Indonesia's unemployment rate could hit the highest in more than a decade this year due to the coronavirus pandemic, with Southeast Asia's largest economy set to contract more than previously expected in the second quarter.
• Canadian house prices will rise at a much slower pace this year than predicted only three months ago and will fall in 2021 as the coronavirus pandemic pushes up unemployment, curtailing immigration and the demand for homes.
• 430 million enterprises in hard-hit sectors are at risk of 'serious disruption' and nearly half of the global workforce are at risk of job losses.
• Earnings from international tourism might be down 80% this year against last year's figure of $1.7 tn, and that 120m jobs could be lost.
• The NACC-ISP is an important part of the government's $200 billion investment in Australian defence industry, creating new jobs and delivering more opportunities for small business to export their capabilities overseas.
• Turkish GDP is expected to contract by 5%, in the wake of a recession in the global economy of 3% in 2020, with an unemployment rate of around 17.2%.

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Last updated: 05 July 2020