• About Us
  • Who Are We
  • Work With Us
Saturday, February 4, 2023
No Result
View All Result
NEWSLETTER
The Globe Post
39 °f
New York
44 ° Fri
46 ° Sat
40 ° Sun
41 ° Mon
No Result
View All Result
The Globe Post
No Result
View All Result
Home Featured

Pandemic Could Make Another 25 Million Jobless: UN

Staff Writer by Staff Writer
03/19/20
in Featured, World
UN flag

Flag of the United Nations. Photo: sanjitbakshi/Flickr

Share on FacebookShare on Twitter

The COVID-19 pandemic will significantly increase global unemployment, leaving up to 25 million more people out of work, and will dramatically slash workers’ incomes, the United Nations said Wednesday.

In a fresh study, the International Labour Organization warned that the economic and labor crisis sparked by the spread of the new coronavirus, which has now killed more than 8,000 people worldwide, will have “far-reaching impacts on labor market outcomes.”

“This is no longer only a global health crisis, it is also a major labor market and economic crisis that is having a huge impact on people,” ILO chief Guy Ryder said in a statement.

The U.N. agency’s study suggested the world should prepare to see a “significant rise in unemployment and underemployment in the wake of the virus.”

Presenting different scenarios depending on how quickly and with what level of coordination governments react, it found that even in the best-case scenario, 5.3 million more people will be pushed into unemployment by the crisis.

At the high-end meanwhile, 24.7 million more people will become jobless, on top of the 188 million registered as unemployed in 2019, the study found.

“By comparison, the 2008-9 global financial crisis increased global unemployment by 22 million,” the ILO said.

It warned that “underemployment is also expected to increase on a large scale, as the economic consequences of the virus outbreak translate into reductions in working hours and wages.”

$3.4 Trillion in Lost Income? 

Self-employment in developing countries, which often serves to cushion the impact of economic shifts, might not do so this time due to the severe restrictions being placed on the movement of people and goods.

Reductions in access to work will also mean “large income losses for workers,” ILO said.

“The study estimates these as being between $860 billion and $3.4 trillion by the end of 2020,” it said, warning that “this will translate into falls in consumption of goods and services, in turn affecting the prospects for businesses and economies.”

The number of people who live in poverty despite holding one or more jobs will also increase significantly, the study said, estimating that between 8.8 and 35 million more people will be added to the ranks of the working poor.

“The strain on incomes resulting from the decline in economic activity will devastate workers close to or below the poverty line,” it said.

The ILO called for urgent, large-scale and coordinated measures to protect workers in the workplace, stimulate the economy and employment and support jobs and income, including through social protections, paid leave, and other subsidies.

The agency pointed out that some groups will be disproportionately impacted by the jobs crisis, including youth, older workers, women, and migrants, in a way that could increase already soaring inequality.

“In 2008, the world presented a united front to address the consequences of the global financial crisis, and the worst was averted,” Ryder pointed out.

“We need that kind of leadership and resolve now.”


More on the Subject 

Reeling Under US Sanctions, Venezuela Braces for Potentially Devastating COVID-19 Outbreak 

ShareTweet
Staff Writer

Staff Writer

AFP with The Globe Post

Related Posts

A supermarket in Glendale, California
Opinion

Why Some Inflated Prices Won’t Come Down: Ramen and Eggs Tell the Tale

by Justin Fendos
March 9, 2022
The Euro football championship
World

COVID Infections on the Rise Worldwide: AFP Tally

by Staff Writer
July 15, 2021
tourism
World

Covid Tourism Impact Could Top $4 Trillion: UN

by Staff Writer
June 30, 2021
Ugur Sahin
World

BioNTech Eyes Covid Vaccine for 12-15 Year Olds From June in EU

by Staff Writer
April 29, 2021
A person receives the Moderna COVID-19 vaccine.
World

WHO Seeks 10 Mn Vaccine Doses ‘Immediately’ for Last Nations

by Staff Writer
March 26, 2021
Mohammad Hassan Rezaiee was executed in Iran for a crime he allegedly committed when he was 16 years old.
World

UN Condemns Iran’s ‘Appalling’ Execution of Rezaiee, Young Offenders

by Staff Writer
December 31, 2020
Next Post
A health official sprays disinfectant in Venice, Italy amid the COVID-19 pandemic

Italy Virus Deaths Hit Record as Trump Goes on War Footing

A young mother gets her child vaccinated at a health centre in Gbarnga on December 4, 2008.

Maternal Health and Rights: When Basic Needs Are Not So Basic

Recommended

Protesters rally against the fatal police assault of Tyre Nichols, outside of the Coleman A. Young Municipal Center in Detroit, Michigan, on January 27, 2023

How Do Violent ‘Monsters’ Take Root?

February 3, 2023
A supporter of nurses' strike and NHS holds a placard

UK Faces Fresh Mass Strikes as Wage Talks Derail

February 1, 2023
Israeli security forces in Jerusalem

Palestinian Gunman Kills 7 in East Jerusalem Synagogue Attack

January 30, 2023
The Doomsday Clock reads 100 seconds to midnight, a decision made by The Bulletin of Atomic Scientists, during an announcement at the National Press Club in Washington, DC on January 23, 2020

‘Doomsday Clock’ Moves Closest Ever to Midnight

January 25, 2023
Police work near the scene of a mass shooting in Monterey Park, California

California Lunar New Year Mass Shooter Dead, Motive Unclear: Police

January 23, 2023
New Zealand Prime Minister Jacinda Ardern

Race on To Replace Ardern as New Zealand Prime Minister

January 20, 2023

Opinion

Protesters rally against the fatal police assault of Tyre Nichols, outside of the Coleman A. Young Municipal Center in Detroit, Michigan, on January 27, 2023

How Do Violent ‘Monsters’ Take Root?

February 3, 2023
George Santos from the 3rd Congressional district of New York

George Santos for Speaker!

January 16, 2023
Commuters waiting for buses in Metro Manila. Philippines

Eight Billion and Counting…

November 29, 2022
Mahsa Amini protests

Imagining a Free Iran

October 24, 2022
Vladimir Putin

How 18th Century International Law Clarifies the Situation in Ukraine

September 29, 2022
Vladimir Putin

Falling for Putin

September 15, 2022
Facebook Twitter

Newsletter

Do you like our reporting?
SUBSCRIBE

About Us

The Globe Post

The Globe Post is part of Globe Post Media, a U.S. digital news organization that is publishing the world's best targeted news sites.

submit oped

© 2018 The Globe Post

No Result
View All Result
  • National
  • World
  • Business
  • Interviews
  • Lifestyle
  • Democracy at Risk
    • Media Freedom
  • Opinion
    • Editorials
    • Columns
    • Book Reviews
    • Stage
  • Submit Op-ed

© 2018 The Globe Post