Covid Cost 4 Times More Jobs Than 2009 Financial Crisis: UN

0
102

The coronavirus pandemic took a huge toll on global jobs last year, the United Nations said Monday, with the equivalent of more than a quarter of a billion lost.

In a fresh study, the UN’s International Labour Organization (ILO) found that a full 8.8 percent of global working hours were lost in 2020, compared to the fourth quarter of 2019.

That is equivalent to 255 million full-time jobs, or “approximately four times greater than the number lost during the 2009 global financial crisis,” the ILO said in a statement.

“This has been the most severe crisis for the world of work since the Great Depression of the 1930s,” ILO chief Guy Ryder told reporters in a virtual briefing.

Since surfacing in China just over a year ago, the virus has killed more than 2.1 million people, infected tens of millions of others and hammered the global economy.

The UN labour agency explained that around half of the lost working hours were calculated from reduced working hours for those remaining in employment.

But the world also saw “unprecedented levels of employment loss” last year, it said.

Official global unemployment shot up by 1.1 percent, or 33 million more people, to a total of 220 million and a worldwide jobless rate of 6.5 percent last year.

READ  COVID-19 cases in India cross 46-lakh mark