Economics
Virus Labor Market Destruction Is Proving Worse Than Anticipated
- ILO says equivalent of 400 million jobs lost due to crisis
- Working hours won’t go back to pre-crisis level this year
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The damage inflicted on the global labor market by the coronavirus is proving worse than initially estimated and will be impossible to repair in the second half of 2020 even under the most optimistic scenario, according to the International Labour Organization.
Working hours in the second quarter were 14% lower than before the virus, equivalent to a loss of 400 million full-time jobs, the Geneva-based organization said Tuesday. The sharp increase from a previous estimate of 305 million reflects a worsening situation over the past weeks, especially in developing regions, it said.