Coronavirus May Cause 195 Million Employees to Lose Their Jobs

Coronavirus May Cause 195 Million Employees to Lose Their Jobs

The International Labor Organization reported that the coronavirus outbreak is expected to destroy 6.7 percent of working hours globally in April, May, and June, which could result in 195 million employees losing their jobs. "Workers and businesses face disaster in both developed and developing countries. We must act quickly, decisively and together. Right and urgent measures can make a difference between survival and collapse," said Guy Ryder, Director-General of the International Labor Organization. Ryder said that four out of five people in the global workforce because of coronavirus live in places where job closures occur, underlining that the crisis is exacerbating the global job market. Stating that the accommodation and food services, manufacturing industry, retail, commercial and administrative activities are the sectors that suffered the most from the epidemic, Ryder said that large losses were estimated in different income groups, especially in upper-middle-income countries. On the other hand, the International Labour Organization report said that 125 million of the 195 million global job losses estimated in the second quarter of the year would occur in the Asia-Pacific region, with Chinese companies doing business. The United Nations agency, the International Labor Organization, said on March 18, that around 25 million people globally may lose their jobs by the end of 2020 due to the coronavirus epidemic.