IN THE WORST case scenario, approximately 25 million workers across the world will lose their jobs due to Covid-19. The estimate was based on a research of the International Labor Organization (ILO) on the global economic impact of the pandemic.
The ILO compared the current health crisis to the global financial crisis in 2008-2009 which resulted in 22 million job losses. The number of unemployed is also expected to increase. The Covid-19 pandemic is not only a global health crisis, but is also a major economic and employment crisis.
Approximately $3.4-trillion worth of workers’ income could be lost by the end of the year due to the said job losses. This will result in decreased consumption of goods and services, and the subsequent global economic decline.