Up to 25 million people risk losing their jobs over the crisis triggered by the coronavirus disease (COVID-19) pandemic unless the global community joins efforts to support vulnerable workers and affected industries, the International Labor Organization (ILO) said on Wednesday
GENEVA (Pakistan Point News / Sputnik - 18th March, 2020) Up to 25 million people risk losing their jobs over the crisis triggered by the coronavirus disease (COVID-19) pandemic unless the global community joins efforts to support vulnerable workers and affected industries, the International Labor Organization (ILO) said on Wednesday.
"The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million ... However, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008/9, then the impact on global unemployment could be significantly lower," the ILO said.
The UN agency recommends that governments protect people in the workplace and stimulate the economy and employment. Among proposed steps are stronger social protection measures; financial and tax relief, including for small and medium-sized companies and specific sectors; as well as relevant fiscal and monetary policy measures.
According the ILO's scenarios, the coronavirus-related crisis may generate a rise in global unemployment from 5.3 million to 24.7 million.�
"By comparison, the 2008-9 global financial crisis increased global unemployment by 22 million," it added.
Moreover, between 8.8 and 35 million additional people will be in working poverty worldwide due to the coronavirus economic impact, the agency's estimates show.
"This is no longer only a global health crisis, it is also a major labour market and economic crisis that is having a huge impact on people," ILO Director-General Guy Ryder warned.
He therefore urged the world to present a "united front" in addressing the current crisis, like it was in 2008, with a focus on "people in less protected and low-paid jobs, particularly youth and older workers," as well as women and migrants.
