‘Build Back Better’ says the ILO in Latest Global Labour Market Analysis
A report released today by the International Labour Organisation argues that the impact of COVID-19 has been “far greater” than the 2009 financial crisis.
The ILO estimates that just under 9% of working hours were lost globally in 2020 due to the pandemic – over four times the number lost in the financial crisis. The situation has led to an unprecedented spike in unemployment and a loss in global labour income, even when support measures are factored in. Data from various countries shows that labour market disruptions have affected women and youths more than males. The worst affected sector has been accommodation and food services, where employment declined by an average of 20 per cent, followed by retail and manufacturing.
On a more positive note the report does conclude that, while there is still a high degree of uncertainty, the latest projections for 2021 show that most countries will experience a relatively strong recovery in the second half of the year, as vaccination programmes take effect.
The key point made by the ILO in this report is that any recovery risks being fragile, unless it is sustainable and equitable with a priority on employment, income and social protection.