The impact of the coronavirus pandemic upon the world’s economy in general and the jobs sector in particular has been quite hefty. The UN, on June 30, said that the pandemic has taken a much heavier toll on jobs than previously feared.
In a fresh study, the International Labour Organisation (ILO) estimated that by the mid-year point, global working hours were down 14 percent compared to last December-equivalent to some 400 million full-time jobs.
Earlier, in April the UN organisation estimated 6.7 percent of working hours to be lost by the end of the second three-month period of the year. The new estimate by ILO of 14 percent is more than double the number forecast by the UN organisation back in April. In late May, the ILO estimated 10.7 percent of global working hours to vanish during the period, and the new projection is higher than its own previous estimates, highlighting the deteriorating situation in the wake of the global pandemic.
ILO Chief Guy Ryder said, “Things are getting worse. The job crisis is deepening.” “We are not through this yet,” he warned.