Global Unemployment Likely To Top 25Mln In 2020 As COVID-19 Hits Economy - UN Agency

Global Unemployment Likely to Top 25Mln in 2020 as COVID-19 Hits Economy - UN Agency

The coronavirus pandemic has led to mass workplace closures globally, which will potentially put millions more out of job than estimated, the International Labour Organization said in an updated report out Tuesday

MOSCOW (Pakistan Point News / Sputnik - 07th April, 2020) The coronavirus pandemic has led to mass workplace closures globally, which will potentially put millions more out of job than estimated, the International Labour Organization said in an updated report out Tuesday.

"There is a high risk that the increase in the global number of unemployed at the end of 2020 will be significantly higher than the initial projection (25 million)," the UN agency said.

Full or partial lockdown measures have already affected almost 2.7 billion workers, representing some 81 percent of the world's workforce, the labor authority estimated. It expects working hours globally to decline by 6.7 percent from April to June.

The largest reduction is foreseen in the Arab world, where working hours are likely to decrease by 8.1 percent in the current quarter. Europe is on track for a decline of 7.8 percent, while Asia and the Pacific may lose 7.2 percent.

Around 1.25 billion workers are employed in sectors where the majority of layoffs and wage cuts are predicted, including accommodation and food services, manufacturing, retail, and business. Frontline workers, employed in the health care and social work sectors and essential public services, are at risk of losing their livelihoods after contracting the virus.