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How many jobs were lost because of COVID-19 Pandemic?

As per the U.N reports, The world might be in the middle of Worse employment crisis the world has ever seen. The regarded that the current situation caused is worse than 2008-09 Economic depression. To put a rubber stamp on this news, Associated Press has stated that four times as many jobs were lost in 2020 than those lost in the midst of the 2008-2009 financial crisis.

The International Labor Organization stated that the spread of COVID-19 and resulting government shutdowns and Business wind-offs has resulted in an 8.8 percent downward in work hours worldwide. If you do the math, It could turn out to be roughly 255 million full-time jobs lost.

“This has been the most severe crisis for the world of work since the Great Depression of the 1930s. Its impact is far greater than that of the global financial crisis of 2009,” Guy Ryder, the Director-General of the International Labor Organization, stated.

In these challenging times, when every middle-class guy is just trying to fetch 2-meals a day, a rise in cases will only worsen the economy’s state in the future. But with the introduction of vaccines and the reopening of many entertainment-related businesses, the economy could see a much-needed boost.

We at Verbalizm pray for a speedy recovery of this Job Crisis, Our economies, and most importantly, OUR NORMAL LIVES.

 

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