Job-killing coronavirus

When we launched our occasional series on job killers on Jan. 9, we weren't expecting the situation on the employment market to worsen so quickly. The general trend was already becoming evident, but the spark that would set it off wasn't yet known. Many Czechs still haven't realized what the coronavirus means, but one short walk around Prague should be enough to concentrate their mind. Tourists have mostly disappeared, with many hotels being hit by a reduction of more than 70% in the number of guests. This also means lower revenue for restaurants, souvenir shops, tour guides, interpreters, event organizers, taxis, Uber drivers, Airbnb hosts, and suppliers of all sorts. The economy will undoubtedly rebound somewhat after yesterday's new restrictions are lifted, but the law of the accumulation of crises still applies. The Czech job market, with its 3% unemployment rate, is a bubble like the hundreds of others in history, and it will burst just as assuredly as they all did.