Breaking News
0
Ad-Free Version. Subscribe now to follow markets, faster and distraction-free. More details

Global Crisis Damage From Covid-19 Is Now About 255 Million Jobs

EconomyJan 25, 2021 13:36
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

(Bloomberg) -- The world economy won’t be able to fully repair last year’s damage to employment in 2021 after the Covid-19 pandemic wiped out the equivalent of 255 million jobs, according to the International Labour Organization.

Even under the most optimistic assumptions, working hours will still be lower compared to pre-crisis levels, the ILO said in a report on Monday. Under the organization’s baseline scenario, the global economy will end this year with the equivalent of 90 million fewer full-time jobs than before the outbreak.

“The signs of recovery we see are encouraging, but they are fragile and highly uncertain,” said ILO Director-General Guy Ryder. “We must remember that no country or group can recover alone.”

The damage done by the pandemic in 2020 is historically unprecedented, and about four times greater than during the 2009 financial crisis, the ILO said.

Still, losses in the third quarter were less dramatic than previously estimated, following a strong economic rebound. The fourth-quarter reduction in working hours of 4.6% -- equivalent to 130 million full-time jobs -- was also lower than a prior prediction.

In a pessimistic scenario, where vaccination progress is slow and the impact of the pandemic prolonged, labor-market losses will remain at that level in 2021.

The outlook highlights the contrast between hardest-hit sectors including hospitality, arts and retail that suffered “massive” damage, compared with highly-skilled services sectors that even saw jobs growth. Women, young people, the self-employed and low-skilled workers have been worst-affected, the ILO said.

There are “serious concerns” that this may translate into an uneven recovery, where “workers and businesses that have been hit hard by the crisis will benefit less from improving economic conditions,” according to the report.

©2021 Bloomberg L.P.

 

Global Crisis Damage From Covid-19 Is Now About 255 Million Jobs
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email