The Welsh Government said it is working through a number of forecasts for the economy post-Covid-19.
Wales’ Economy Minister Ken Skates also said the Government would use the recovery of the economy to narrow down the inequalities within the Welsh workforce, and that he was working with a BAME advisory group.
Mr Skates said: “My determination is that we use the recovery from coronavirus to narrow inequalities and ensure those that faced multiple barriers before coronavirus have those barriers torn down as we emerege from this terrible virus.”
The Organisation for Economic Co-operation and Development (OECD) said yesterday that Britain’s economy was likely to slump by 11.5% in 2020 - but could contract by 14% if there is a second wave of Covid-19 later this year.
The international organisation said the 海角视频 economy is set to be the hardest hit among the world’s developed countries due to the coronavirus pandemic.
Mr Skates said with the forecasts available to them they are preparing the skills and employability infrastructure in Wales to ensure as many people as possible who could be made unemployed as a result of Coronavirus get the training, support, and guidance needed to get them back into work as soon as possible.
“We are looking at significantly ramping up activity in regards to Working Wales, the single point of contact to people who face unemployment or who are unemployed,” Mr Skates said.
“We are looking at vastly increasing provision to some of our youth employability programmes, recognising that after the 2008 financial crisis it was young people who were particularly badly hit in the 海角视频. That is why we stepped in with Jobs Growth Wales.”
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Mr Skates said that in England, between 2010 and 2015, many regions saw youth unemployment rise by as much as 3,000%, wheras in some parts of Wales there was a fall in long-term unemployment.
He added the Welsh Government are looking to make best use of it as part of the recovery.
“All interventions will cover all ages,” he said. “It will particularly focus on those furtest from the jobs market who face additional barriers to employment.”
Mr Skates said they are working with BAME advisory group to ensure the recovery from the virus will see an improvement in equality within Wales jobs market.
A report from the Institute for Fiscal Studies (IFS) and Nuffield Foundation charitable trust said the 海角视频’s response from the pandemic will determine whether the recovery is inclusive or ends up entrenching and widening social divisions.
Their report identified a number of issues, including the risk of a widening in wage and employment inequalities, especially as many low earners are in shut-down sectors, being furloughed and at risk of unemployment.
More reliance on technology and working from home could favour the more highly educated at the expense of others, said the report.
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The crisis appears to have widened the gap in death rates between better-off and less-affluent neighbourhoods, as well as between some ethnic minorities and the white majority, the study suggested.
It added that those leaving school or university this year will enter the toughest labour market in more than a generation.
Private schools are more likely to be providing online teaching than state school, while better-off pupils also have better home facilities and are more likely to have private tutoring, which could put back years of slow progress on social mobility, it was stated.
Robert Joyce, deputy director at the IFS said: “The crisis has laid bare existing inequalities and risks exacerbating them, but some of its legacies might also provide opportunities.
“Government will need to be on the front foot in laying the groundwork for a strong and inclusive recovery even while still dealing with the immediate crisis.”
Mark Franks, director of welfare at the Nuffield Foundation, said: “This report provides further evidence that people are not affected equally by the Covid-19 pandemic, either in terms of the immediate risk to health or the negative social and economic consequences.
“In particular, some minority ethnic groups, people in certain key worker occupations, and those in low-income jobs - groups that often overlap - are at much greater risk.”
Sam Smethers, chief executive of the Fawcett Society, said: “This important report confirms that we are at a critical point for gender, race and wider socio-economic inequality.
“The Government can choose to do something about it and provide immediate support to parents with an increase in child benefit together with a rescue package for the childcare sector.”