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Corona-virus Impact on Jobs: Four out of five people’s jobs hit by pandemic

A total of 81% of the global workforce of 3.3 billion people have had their workplace fully or partly closed.

Restrictions on daily life have led to the closure of many companies and the laying off of staff – either permanently or temporarily.

Nearly 200 million people could end up out of work.

The outbreak is expected to wipe out 6.7% of working hours across the world during the second quarter of 2020.

That is the equivalent of 195 million full-time workers losing their jobs.

The worst-hit region is predicted to be the Arab states, with an 8.1% decline in working hours (five million full-time workers).

The ILO says it is “the most severe crisis” since World War Two.

It adds that the eventual increase in global unemployment during the course of 2020 will depend largely on two factors:

  • How quickly the world economy recovers in the second half of the year
  • How effectively policy measures will boost the demand for labour

There is a high risk that the end-of-year worldwide unemployment figure will be much higher than an initial ILO projection of 25 million people.

https://www.bbc.com/news/business-52199888