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“The labor market has been severely hit, especially workers with lower wages and semi-skilled workers who do not have telework as an option,” notes the IMF.
It is the third warning in just a week and a half. Countries that rely heavily on tourism will experience great economic difficulties in the near future, possibly years, due to the consequences caused by covid-19 in large parts of their economies.
After the Bank of Portugal and the European Central Bank (ECB) directly targeted Portugal, yesterday was the time for the International Monetary Fund (IMF) to raise the red flag: “Countries highly dependent on sectors such as tourism, accommodation and travel should suffer profound impacts on the activity and for an extended period of time. ”
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