Unemployment rate rises amid COVID | Daily News

Unemployment rate rises amid COVID

Sri Lanka’s unemployment rate has risen to 5.5 percent by 2020, the Central Bank of Sri Lanka’s Annual Report for 2020 has stated.

The unemployment rate was 4.8 percent in 2019 and it has risen to 5.5 percent in 2020, the report points out. Moreover by 2020, underemployment rate had increased markedly and the total number of hours worked had dropped significantly. The Central Bank report also states that this is due to the improper utilisation of the productive capacity of the labour force.

The unemployment rate for women, youth and those with higher education qualifications has increased significantly by 2020.

Underemployment had largely increased by 2020, and the total number of hours worked had dropped outstandingly. Female unemployment rate has increased from 7.4 percent in 2019 to 8.4 percent in 2020. The male unemployment rate has increased from 3.3 percent in 2019 to 4 percent in 2020, according to the Central Bank.

The report states that this is mainly due to the adverse effects of the COVID pandemic.