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by Rafaela Prifti
The International Labour Organization (ILO) has released a report on Tuesday. It states that COVID-19 is the worst global crisis since the Second World War and releases data on the economies and labor markets around the world. The document evaluates “the toll on the world’s economy, with full or partial lockdown measures now affecting the livelihood of almost 2.7 billion people — more than 4 out of 5 workers in the global workforce of 3.3 billion.” The pandemic has delivered “unprecedented shocks to economies and labor markets” while the health care systems have been pushed to the point of collapse.
Pointing out the effects in both developed and developing economies, the UN agency’s Director General Guy said that workers and businesses are facing catastrophe.” “We have to move fast, decisively, and together. The right, urgent, measures could make the difference between survival and collapse.”
In economic terms, the pandemic will be far worse than the most recent recession, the agency says.
According to the report, different income groups will suffer serious wage losses due to a decline in working hours.
“Huge losses are expected across different income groups but especially in upper-middle income countries,” the agency says, estimating a 7% decline in working hours for that group in the current economic quarter. The report states that such statistics
far exceed the effects of the 2008-9 financial crisis.