Nearly 25 million people could become unemployed owing to the effects of the global COVID-19 pandemic, the UN announced on Wednesday.
Global unemployment could increase by 5.3 million in a “low” scenario and 24.3 million in a “high” scenario, UN agency the International Labor Organization (ILO) said in a new report.
“However, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008/9, then the impact on global unemployment could be significantly lower,” the ILO wrote on their website. By comparison, 22 million people lost their jobs in this crisis.
The COVID-19 pandemic has already put many businesses under pressure, with some governments pledging economic measures to prevent job losses.
This is no longer a global health crisis. It is also a major labor market and economic crisis that is having a huge impact on people,” Guy Rider, ILO’s director general said.
The report also identifies global levels of so-called working poverty, under which those in employment still live in poverty.
Between 8.8 million and 35 million people may be in working poverty by the end of 2020 thanks to the effects of COVID-19.
Read more via ILO
