According to a new estimate by the International Labor Organization (ILO) the economic and labor crisis triggered by the COVID-19 pandemic could raise global unemployment by nearly 25 million.
The pandemic with coronavirus could cause a global economic crisis that would kill up to 25 million jobs worldwide if policymakers don’t act quickly to protect workers from the effects.
ILO, which is based in Geneva, stated:
However, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008-9, then the impact on global unemployment could be significantly lower.
The organization called for urgent, large-scale and coordinated measures across three key areas: protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.
These measures include extending social protection, supporting employment retention (i.e. short-time work, paid leave, other subsidies), and financial and tax relief, including for micro, small and medium-sized enterprises.
In addition, the note proposes fiscal and monetary policy measures, and lending and financial support for specific economic sectors.