According to estimates by the UN special agency of the International Labor Organization, by the end of 2020, workers around the world could lose from $ 860 million to $ 3.4 trillion.
Due to the coronavirus pandemic in the world, the unemployment situation could worsen dramatically. Up to 25 million people may be at risk of losing their jobs, according to the website of the UN special agency, the International Labor Organization.
The ILO’s optimistic forecast suggests that approximately 5.3 million people will lose their jobs. Under a pessimistic scenario, 24.7 million people will lose their jobs. For comparison, the organization cites data during the financial crisis of 2008-2009, when 22 million employees lost their seats.
“A fall in employment also means large losses of income for workers. According to the study, by the end of 2020 they will be from $ 860 million to $ 3.4 trillion. This will lead to a decrease in the consumption of goods and services, which, in turn, will affect business prospects and economy, “the report said.
According to ILO estimates, it is also expected that the level of poverty in the world will increase significantly. In particular, between 8.8 and 35 million people will suffer from poverty.