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ILO: 255 million jobs lost in 2020

According to the United Nations International Labor Organization (ILO), restrictions on public life due to the epidemic have led to a 8.8 percent reduction in global total working hours by 2020.

The organization said that was equivalent to 255 million full-time job losses, including 114 million registered unemployed. Unemployment rose 1.1 percent, or 33 million people worldwide, to 220 million.

“We are experiencing the deepest crisis in the employment market since the Great Depression of 1930. The impact is greater than the 2009 global crisis,” ILO Director-General Guy Ryder told an online news conference.

According to the ILO, those who lost their jobs refused to look for work because of the restrictions imposed by the service sector, such as restaurants, bars, shops and hotels, where most jobs are employed. The ILO expects the loss of working hours to continue this year and next. According to the ILO, 81 million people have not registered as unemployed, but they are no longer in the employment market.

The organization said employment losses totaled 3.7 trillion in revenue globally, or 4.4 percent of gross domestic product (GDP). The ILO report noted that most young people and women were affected by this situation.

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When does recovery take place?

The ILO expects the employment market to improve in the second half of 2021, but notes that this is due to a slowdown in coronavirus infections and vaccinations.

Currently, the growth rate is high in many countries and vaccination is generally slow. According to the World Health Organization (WHO), the coronavirus epidemic in China in late 2019 killed more than 2 million people and plunged the economies of many countries into crisis.

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