Experts predict mass unemployment
The International Labor Organization (ILO) hopes to deteriorate due to the expansion of restrictive measures prohibiting coronoviruses due to the global unemployment situation.
According to previous expert estimates, working time was reduced by about 6.7% in the second quarter of 2020 due to coronavirus, but now, due to the expansion of restrictive measures, has been reduced to 10.5%. This means that around 305 million people in the world can lose their full-time jobs (48 hours a week).
The ILO estimates that approximately 1.6 billion people employed in the informal sectors of the economy will lose their livelihoods. It is about half of the world’s workforce.
The average income of such workers worldwide was 60% in the first month of the crisis, in Africa – 81%, in the Asia-Pacific region – 21.6%, in Europe and Central Asia – 70%. According to experts, without alternative sources of income, these people and their families would not be able to survive.
According to ILO estimates, more than 436 million enterprises worldwide are at risk of serious disruptions, 232 million of them are engaged in wholesale and retail trade, 111 million are involved in manufacturing, 51 million are in the hotel and food services sector , Real estate at 42 million.
At the same time, the ILO called for immediate, targeted, flexible measures to support workers and enterprises in the most affected sectors of the economy, particularly small enterprises.
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Earlier we wrote that over 26 million people lost their jobs during the quarantine period in the United States, and the country’s GDP plummeted by 4.8% for the first quarter. According to the media, it is the worst indicator of the US economy since the 2008 financial crisis. Prior to the coronary crisis, it was expected that the US economy would grow by 2% in 2020. Apart from the economic downturn, business activity and consumer sentiment is also deteriorating rapidly in the country.
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According to the material interfax.com.ua