2.5bn jobs could be lost worldwide, International Labour Organization warns

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2.5 billion jobs could be lost worldwide, warns, The International Labour Organization (ILO). This situation can worsen further if the  Corona virus is not  controlled immediately. Furthermore, The ILO is that the conditions may lead to the recession. Comparatively, the ILO is apprehensive that the recession is more likely to arise of the 1930s. The governments and banks would be impacted the most. They would be under intense pressure to implement reforms.

The lockdown has been executed in almost all the countries. Coronavirus has plagued the world. Hence various countries have been locked for not spreading it further. Consequently, it has resulted in a drop in productivity.

This new development has affected many countries. Various countries are taking off their employees who cannot run companies.  The world would understand the seriousness of the situation only when the unemployment rate exceeds tow digits in US and Europe.

International Labour Organization has released a report: The report says:

America : More than 7 lakh people lost their jobs after the Corona boom. This is seven times higher than the predictions given by the financial experts.  

Europe: 27% have cut their staff in the past week in big and small companies in Britain.

Spain: has the highest unemployment rate of 14% in the world.

Austria’s: unemployment has reached 12 percent.

Germany: hourly wage system is in force. This has reduced companies’ work hours to a record low. Almost 470,000 companies in the country have applied for wage support to the German government.

France: Different companies have asked for government’s assistance. They are unable to pay salaries. Salaries are not paid to 20% workers in the private sector.

Thailand:  One third of the population, around 2.3 crore, people have applied for government-funded cash assistance.

It is estimated that around 80 million people have lost their jobs in two months due to the turmoil created by Corona, despite the current situation in China.

 

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