Half Of Global Workforce Risk Losing Livelihoods

In light of the coronavirus crisis, there is a risk of 1.6 billion people across the world losing their jobs, the International Labour Organisation (ILO) has warned in its latest report. 

According to the report, 1.6 billion workers in the informal sector make up half of the world’s workforce and their livelihoods could be snatched away.

ILO says that due to reduced work hours, there is an apprehension of a huge downturn in the second quarter of 2020 (April-July), which could create problems on the global scale.

If the figures of the fourth quarter of 2019 are compared with those from the second quarter of 2020, then a fall of 10.5% is expected this time. This clearly means that around 30 crore full-time jobs could be retrenched.

Prior to this, it was speculated that a fall of 6.7% will be witnessed, which is equal to around 19 crore full-time jobs.

The biggest reason for the situation becoming so frightening is the continuous extension of lockdowns across the world.

If we try to understand this on a world map, it becomes clear that all major countries of the world will be affected by it.

In the United States 12.4% and in Europe a fall of around 11.8% will take place. In other parts of the world too, a decline of 9.5% in work hours (for what little work is available) is expected.

The ILO report also says that 43 crore big and small businesses globally have been badly hit by the lockdown. All these industries are among the worst-affected areas.

In the retail and wholesale business 23 crore, in manufacturing 11 crore, in the hotels and restaurant sector 5 crore and in the real estate sector, businesses of over 4 crore entrepreneurs are on the brink of being decimated.

Meanwhile, there has already been a 60% reduction in the income of workers in the informal sector due to the conditions created by this economic crisis.

This fall is 81% in the United States and the African continent, 21.6% in Asia-Pacific countries and 70% in Europe and Central Asia.

Since they do not have any other source of income, such people are on the brink of starvation.