Crisis-driven layoffs are on the rise in many OECD countries and experience from previous recessions shows that many skilled workers will become unemployed (see the example of Korea in Box 1). High-tech industries (like IT, aeronautics or pharmaceuticals) and knowledge-intensive services (like financial services) are announcing layoffs almost daily. This human capital will quickly depreciate if the downturn is protracted. However, such talent could make an important contribu- tion to the many innovative businesses that have experienced a shortage of skilled workers in the recent past, or could contribute to a new wave of innovative entrepreneurship. .
