Un says coronavirus pandemic could leave up to 24 7m unemployed 2
According to the United Nations, the COVID-19 pandemic could lead to a significant increase in unemployment, with estimates suggesting that up to 24.7 million people could lose their jobs globally.
The UN's International Labour Organization (ILO) released a report in April 2020 that warned of the devastating impact of the pandemic on the global labor market. The report estimated that the pandemic could lead to a loss of up to 24.7 million jobs worldwide, with the worst affected regions being Asia and the Pacific, Europe, and the Americas.
The ILO attributed the potential job losses to a range of factors, including:
- Lockdowns and social distancing measures: These measures have led to a significant decline in economic activity, particularly in industries such as tourism, hospitality, and retail.
- Supply chain disruptions: The pandemic has disrupted global supply chains, leading to shortages of goods and services, and impacting industries such as manufacturing and logistics.
- Reduced consumer spending: As people become more cautious about their spending habits, consumer demand has decreased, leading to reduced sales and profits for businesses.
- Increased unemployment: The pandemic has led to an increase in unemployment, particularly among low-skilled and low-wage workers, who are often the most vulnerable to job losses.
The ILO report also highlighted the need for governments and policymakers to take immediate action to mitigate the impact of the pandemic on the labor market. This includes implementing policies to support workers, such as job retention schemes, income support, and training programs.
It's worth noting that the actual number of job losses may be higher or lower than the ILO's estimate, depending on various factors such as the effectiveness of government responses, the duration of the pandemic, and the resilience of the global economy.