Coronavirus could cost the world 25million jobs ilo

A very concerning estimate!

Yes, the International Labour Organization (ILO) has warned that the COVID-19 pandemic could lead to a loss of up to 25 million jobs globally. This estimate is based on a report published by the ILO in April 2020, which analyzed the potential impact of the pandemic on the global labor market.

The report found that the pandemic could lead to a significant decline in economic activity, particularly in industries that are heavily reliant on international trade, tourism, and consumer spending. This, in turn, could result in widespread job losses, particularly in low- and middle-income countries.

The ILO estimated that the pandemic could lead to:

  1. A loss of up to 25 million jobs globally, with the majority of these losses occurring in the informal sector.
  2. A decline in global economic output of up to 3.2%, which could lead to a significant reduction in economic activity and employment.
  3. A widening of income inequality, as those who are already vulnerable to economic shocks, such as low-wage workers and small businesses, are disproportionately affected.

The report also highlighted the need for governments and policymakers to take swift and decisive action to mitigate the impact of the pandemic on the labor market. This could include measures such as:

  1. Implementing policies to support small and medium-sized enterprises (SMEs), which are often the backbone of local economies.
  2. Providing financial support to workers who are affected by the pandemic, such as through unemployment benefits or other forms of assistance.
  3. Implementing measures to protect the health and safety of workers, such as providing personal protective equipment (PPE) and ensuring that workplaces are safe and healthy.

Overall, the ILO's estimate of 25 million job losses is a sobering reminder of the potential impact of the pandemic on the global labor market. It highlights the need for policymakers and governments to take swift and decisive action to mitigate the effects of the pandemic and support workers who are affected.