UN: COVID-19 Pandemic May Leave 24 Million People Jobless

As the COVID-19 pandemic affects more people in an ever increasing list of countries, businesses and individuals around the world are facing up to the economic impact of the pandemic. 

The outbreak of the novel form of coronavirus could cause more than 24 million people to lose jobs, on top of the 188 million registered as unemployed in 2019, the UN announced on Wednesday.

The UN agency International Labor Organizaton (ILO) says in its official report that “The crisis has already transformed into an economic and labor market shock, impacting not only supply (production of goods and services) but also demand (consumption and investment).”

ILO also envisages the rising number of people who live in poverty despite holding one or more jobs, estimating that between 8.8 and 35 million more persons will be added to the ranks of the working poor.

The agency further suggests that certain groups will be disproportionately impacted by the labor market shock, including youth, older persons, women and migrants, in a way that could increase already soaring inequality.

ILO expresses hope that nations can succeed at devising internationally coordinated policy responses that alleviate the economic fallout across the global economy. They could do so primarily “across the three policy pillars: protecting workers in the workplace, stimulating the economy and labor demand, and supporting employment and income.” 

The report further proposes engaging in social dialogue with workers and employers, which is vital for building public trust and support amid the global crisis.

By Elene Dzebisashvili