The Covid-19 pandemic could cost over 25 million jobs
Job losses
The coronavirus has put world economies at risk, with production and jobs plummeting by the day. The United Nations, in its estimates for job loss, said that global unemployment could rise by five million to 25 million.
Worse than it looks
However, the International Labour Organization(ILO) says the initial estimate could be far surpassed, taking into account the fresh data coming in.
2008
In fact, the Covid-19 crisis could be far worse than the financial crash of 2008, as global unemployment figures increased by 22 million.
Disturbing data
The revision of the ILO’s estimates comes in the wake of over three million Americans filing for unemployment benefits in the past week.
World over
By the end of this pandemic, the global job market might look nothing like it used to, considering that data points to major job losses in Europe - despite government stimulus - and the rest of the world.
Courtesy : The Economic Times
Published On : 2020-04-09