1. Generational Dynamics of Economic Crisis and Recovery: Prospects for Younger and Older Persons
- Author:
- Nicole Goldin
- Publication Date:
- 11-2021
- Content Type:
- Policy Brief
- Institution:
- Atlantic Council
- Abstract:
- Economic shocks affect young and older age groups disproportionately and highlight the insecurity of the youth labor market and volatility of older people’s savings. The COVID-19 pandemic exacerbated youth labor market challenges and caused young people to either lose jobs or work fewer hours. It also undermined the financial security of older people who tend to own small businesses given that half of the small businesses either closed down or lost significant revenue during lockdowns. Furthermore, COVID-19 exacerbated the digital divide between generations. While younger people are more likely to be technologically savvy, older generations often lack digital literacy to adapt to online work or virtual communications platforms. Dr. Goldin argues that to alleviate the disproportionate suffering experienced by young and elderly age groups during the pandemic, policymakers should increase targeting of social-protection measures, facilitate private-sector investment in education and training, invest in improving digital services and infrastructure, ensure access to financial services, and collect age-disaggregated data on economic and COVID-related indicators.
- Topic:
- Women, Internet, Economic Growth, Youth, Resilience, COVID-19, Digital Policy, and Inclusion
- Political Geography:
- Africa, South Asia, Middle East, East Asia, and Latin America