The International Labor Organization (ILO) has warned that the global economy may have suffered “large-scale job losses” in the second quarter of 2020.
According to the 5th edition of the ILO Monitor, the global job market may have lost 400 million full-time positions, almost 100 million higher than the previous estimate in May.
ILO Monitor analyzes the impact of the coronavirus pandemic on the world’s labor market.
Based on a 48-hour working week, the monitor recorded a “14 percent drop” in global working hours during the second quarter, a sharp increase on the previous estimate of 10.7 percent.
ILO said that the “new figures reflect the worsening situation in many regions over the past weeks, especially in developing economies.”
Asia and the Pacific have 13.5 percent working time losses for the second quarter while Europe and Central Asia region has 13.9 percent.
“The vast majority of the world’s workers (93 percent) continue to live in countries with some sort of workplace closures, with the Americas experiencing the greatest restrictions,” ILO said.
Even in the “optimistic scenario” for recovery that ILO has presented showed global loss of working hours would fall to 1.2 percent or 34 million full-time jobs in the second half of 2020.
Guy Ryder, director-general of the international body said, the decisions adopted now “will echo in the years to come and beyond 2030.”
“Although countries are at different stages of the pandemic and a lot has been done, we need to redouble our efforts if we want to come out of this crisis in better shape than when it started,” he said.
Ryder urged governments, workers, and employees to “present and listen to innovative ideas” during the Global Summit on COIVD-19 and the World of Work, which ILO is convening next week.
He said it is a venue to discuss and come up with concrete “plans to work together to implement a recovery that is job-rich, inclusive, equitable, and sustainable.”
“We must all step up to the challenge of building a better future of work,” said Ryder.