3/26, 4:38 PM (Source: TeleTrader)
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ILO sees global job loss 'much bigger' than 25M

Job loss due to the coronavirus pandemic and the downturn that ensued is now expected to be much more severe that initially estimated, the International Labour Organization's (ILO) director of employment policy, Sangheon Lee, told Reuters on Thursday.

Last week, the ILO warned that COVID-19 could lead up to 25 million people losing their jobs around the world. It will release the new forecast next week. "We need to make downward adjustment, the projection will be much bigger, far higher than the 25 million we estimated," Lee noted.

Even the initial figure was significantly higher than 22 million job losses in the last financial crisis of 2008/09. In the United States, the latest initial jobless claims figures were the worst in the country's history by far, coming in at over three million.

Breaking the News / NI