The reduction in working hours due to the impact of the COVID-19 pandemic cost the world the equivalent of 255 million jobs in 2020, said Monday. International Labor Organization, which noted that the "massive impact" was nearly four times the number lost during the 2009 global financial crisis.
According to the last report of this UN agency that watches the progression of the COVID-19 pandemic in the labor market, the losses resulted in a decrease of 8,3% in global income, before including support measures, equivalent to 3,7, $ 4,4 trillion, which is equivalent to XNUMX% of the world's gross domestic product.
While there is still a high degree of uncertainty for 2021, estimates from the International Labor Organization project that most countries could see a relatively strong recovery in the second half of the year, as the COVID-19 vaccination programs get underway.
The ILO foresees three scenarios: an estimate that shows a 3% percent decrease in working hours this year; a more pessimistic forecast that indicates a loss of 4,6% and, in the most optimistic scenario, a decrease of 1,3%.
"The signs of recovery we see are encouraging, but they are fragile and highly uncertain, and we must remember that no country or group can recover on its own, ”said Guy Ryder, ILO Director-General.
“We are at a fork in the road. One path leads to an uneven, unsustainable recovery, with growing inequality and instability and the prospect of further crisis. The other is based on a model that places the human being at the center to better rebuild societies, prioritizing employment, income and social protection, workers' rights and social dialogue ”, he added.
"If we want a lasting, sustainable and inclusive recovery, this is the path that policy makers must commit to," he added.
COVID-19 has had a great impact on the labor market and on the formation of human capital.
Women and children, the most vulnerable
In terms of sectors and groups, women were more affected than men, as were younger workers, according to the report's data.
"Worldwide, women's job losses amount to 5%, compared to 3,9% for men. In particular, women were much more likely than men to leave the labor market and become inactive, ”he adds.
Similarly, younger workers lost their jobs, left the workforce, or delayed their entry.
The risk of a lost generation
“Job loss among young people (15-24 years old) was 8,7%, compared with 3,7% for adults. This highlights the all too real risk of a lost generation, ”according to the ILO.
The hotel and accommodation sector together with food were the most affected sectors, where employment decreased by more than 20%, on average, followed by retail and manufacturing.
In contrast, the information, communications, finance and insurance sectors grew in the second and third quarters of 2020. Marginal increases were also observed in mining, quarrying and utilities.