Browsing: Job losses

Global job loss in the next 90 days-ILO

Due to the COVID-19 pandemic, at least 195 million people around the world will be jobless in the next 90 days (3 months) said a report by the International Labour Organisation (ILO).

International Labour Organisation estimates that almost 38 per cent of the global workforce which represents 1.25 billion workers are employed in sectors such as accommodation, food services, manufacturing and retail trade that are facing a severe decline in output and a high risk of unemployment.

Wholesale and retail segments have the biggest share of workers with 482 million workers who are lowly paid and unprotected while the most affected sector accommodation and food services account for 144 million workers.

According to the ILO report, the food and accommodation sector is suffering from almost full closure in some countries.

The manufacturing sector employs 463 million workers has also been greatly affected by the pandemic with factories closed, workers asked …

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The International Labour Organisation (ILO) says that almost 25 million jobs could be lost worldwide as a result of covid-19.

Globally, the coronavirus pandemic could cause an economic and labour crisis where unemployment could range between 5.3 million in a “low” scenario and 24.7 million in a “high” scenario from a base level of 188 million in 2019.

In comparison to the 2008-9 global financial crisis, the effect on job losses could now be higher by about three million jobs from the 22 million registered in 2008/9.

How is Africa suffering from US-China trade wars?

During the 2008/9 crisis, Africa largely weathered the impact of the crisis but suffered lower commodity prices, trade volumes, remittances, and foreign direct investment. The financial contagion hit both developed and developing countries by shaving off about  5–7 per cent of GDP which was worth two to three years of growth in rich countries. In …