by From Maria Alejandra Madi According to ILO, the COVID-19 epidemic was changed from a public health disaster to an employment and social crisis. The pandemic has had a devastating impact on worldwide public health, employment, and daily life. In this scenario, a lack of comprehensive policy initiatives exacerbates inequality and limits overall workplace growth. Among the most significant labor-market outcomes, we can recall: 1. Because many firms, particularly micro and small businesses, have already gone bankrupt or face a highly uncertain future, this has an impact on the business sector, which generates the majority of jobs. 2. In 2020, an estimated 8.8 percent of all working hours were lost — the equivalent of 255 million full-time workers working a year. Furthermore, the global
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from Maria Alejandra Madi
According to ILO, the COVID-19 epidemic was changed from a public health disaster to an employment and social crisis. The pandemic has had a devastating impact on worldwide public health, employment, and daily life. In this scenario, a lack of comprehensive policy initiatives exacerbates inequality and limits overall workplace growth.
Among the most significant labor-market outcomes, we can recall:
1. Because many firms, particularly micro and small businesses, have already gone bankrupt or face a highly uncertain future, this has an impact on the business sector, which generates the majority of jobs.
2. In 2020, an estimated 8.8 percent of all working hours were lost — the equivalent of 255 million full-time workers working a year. Furthermore, the global labor shortage will have grown by 144 million jobs. By 2020, an additional 108 million employees will be severely or moderately poor, living on less than $3 a day. The number of jobless persons is expected to climb from 187,000 in 2019 to 230,000,000 by 2020. Unemployment will rise as the working-age population expands and GDP expands slowly. read more