Daily Management Review

UN: Labor incomes fall by 10.7% in the world due to pandemic


In the first three quarters, income from employment worldwide decreased by 10.7% compared to 2019, which corresponds to $ 3.5 trillion, or 5.5% of global GDP.

Such data were published on Wednesday by the UN International Labor Organization (ILO). In the case of low- and middle-income countries, the decline was 15.1%, and among regions, the decline was the strongest in the Americas, at 12.1%.

According to ILO estimates, due to quarantine measures introduced in different countries and other restrictions on the activities of various enterprises, losses in terms of hours of work in the second quarter amounted to 17.3% (compared to the fourth quarter of 2019), which corresponds to the equivalent of 495 million total working days. 

In the third quarter, losses decreased to 12.1% (equivalent to 345 million full days). The ILO predicts a loss of 8.6% in the fourth quarter (equivalent to 245 million full days).

“Just as we must redouble our efforts to combat the virus, we must act urgently and on a large scale to address its economic, social and employment impacts. This includes support to maintain jobs, businesses and income,” said ILO Director General Guy Ryder.

source: ilo.org