Uncertain and uneven recovery expected following unprecedented labour market crisis – ILO

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

The latest analysis of the labour market impact of COVID-19 by the ILO, records massive damage to working time and income, with prospects for a recovery in 2021 slow, uneven and uncertain unless early improvements are supported by human-centred recovery policies.

Tentative signs of recovery are emerging in global labour markets, following unprecedented disruption in 2020 due to the COVID-19 pandemic, according to the latest report from the International Labour Organization.

Uncertain and uneven recovery expected following unprecedented labour market crisis - ILO Brandspurng
© Fahad Abdullah Kaizer / UN Women

New annual estimates in the seventh edition of the ILO Monitor: COVID-19 and the world of work confirm the massive impact that labour markets suffered in 2020. The latest figures show that 8.8 per cent of global working hours were lost for the whole of last year (relative to the fourth quarter of 2019), equivalent to 255 million full-time jobs. This is approximately four times greater than the number lost during the 2009 global financial crisis.

These lost working hours are accounted for either by reduced working hours for those in employment or “unprecedented” levels of employment loss, hitting 114 million people.

- Advertisement -

Significantly, 71 per cent of these employment losses (81 million people) came in the form of inactivity, rather than unemployment, meaning that people left the labour market because they were unable to work, perhaps because of pandemic restrictions, or simply ceased to look for work. Looking at unemployment alone drastically understates the impact of COVID-19 on the labour market.

These massive losses resulted in an 8.3 per cent decline in global labour income (before support measures are included), equivalent to US$3.7 trillion or 4.4 per cent of global Gross Domestic Product (GDP).

Impact by groups and sectors

Women have been more affected than men by the pandemic’s labour market disruptions. Globally, employment losses for women stand at 5 per cent, versus 3.9 per cent for men. In particular, women were much more likely than men to drop out of the labour market and become inactive.

Younger workers have also been particularly hard hit, either losing jobs, dropping out of the labour force or delaying entry into it. The employment loss among youth (15-24 years old) stood at 8.7 per cent, compared to 3.7 per cent for adults. This “highlights the all too real risk of a lost generation”, the Monitor says.

- Advertisement -

The report shows the uneven impact on different economic, geographic, and labour market sectors. It highlights concerns of a “K-shaped recovery”, whereby those sectors and workers hit hardest could be left behind in the recovery, leading to increasing inequality, unless corrective measures are taken.

The worst affected sector has been accommodation and food services, where employment declined by more than 20 per cent, on average, followed by retail and manufacturing. In contrast, employment in information and communication, and finance and insurance, increased in the second and third quarters of 2020. Marginal increases were also seen in mining, quarrying and utilities.

Read Also:  ILO: The world economy needs a new engine of economic recovery

Looking ahead

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 Monitor puts forward three scenarios for recovery; baseline, pessimistic and optimistic. The baseline scenario (which draws on International Monetary Fund forecasts from October 2020), projects a 3 per cent loss of working hours globally in 2021 (compared to Q4 2019), equivalent to 90 million full-time jobs.

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 alone.”

Guy Ryder, ILO Director-General

- Advertisement -

The pessimistic scenario, which assumes slow progress on vaccination, in particular, would see working hours drop by 4.6 per cent, while the optimistic scenario forecasts a 1.3 per cent decline. This would depend on the pandemic is under control and an upsurge of consumer and business confidence.

In all scenarios, the Americas, Europe and Central Asia would experience around twice the working hour losses of other regions.

The Monitor includes a series of policy recommendations for recovery:

  • Macroeconomic policies to remain accommodative in 2021 and beyond, including fiscal stimulus where possible, and measures to support incomes and promote investment.
  • Targeted measures to reach women, young people, low-skilled and low paid workers, and other hard-hit groups.
  • International support for low and middle-income countries – which have fewer financial resources to roll out vaccines and promote economic and employment recovery.
  • Focusing support on the hardest-hit sectors while creating jobs in fast-growing ones.
  • Social dialogue to implement the recovery strategies necessary to create more inclusive, fair, sustainable economies.

“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 alone,” said ILO Director-General Guy Ryder.

“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 more crises. The other focuses on a human-centred recovery for building back better, prioritizing employment, income and social protection, workers’ rights and social dialogue. If we want a lasting, sustainable and inclusive recovery, this is the path policy-makers must commit to.”

- Advertisement -
Uncertain and uneven recovery expected following unprecedented labour market crisis - ILO - Brand SpurUncertain and uneven recovery expected following unprecedented labour market crisis - ILO - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  Are you working in a role related to what you studied at school?

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Uncertain and uneven recovery expected following unprecedented labour market crisis - ILO - Brand SpurUncertain and uneven recovery expected following unprecedented labour market crisis - ILO - Brand Spur

Latest News

Make This International Women’s Week Unforgettable with iShopChangi’s Exclusive Discounts and Promotions

Celebrate International Women’s Week with iShopChangi’s exclusive discounts and promotions. Whether you’re looking for a gift for yourself or a special woman in your life, we have up to 60% off thousands of tax and duty-absorbed fragrances, cosmetics, wine, chocolate and more. Running until March 14, 2021, browse iShopChangi to find luxury products at great prices.

 

SINGAPORE - Media OutReach - 4 March 2021 - For the latest International Women's Week, iShopChangi is celebrating in style with a fresh campaign offering a wealth of sitewide discount codes and promotions. Featuring your favourite local and international brands at unbeatable prices, our online store is the ideal place to shop for a treasured loved one. Running until March 14, 2021, load up your shopping cart with some much-loved gifts today.


Uncertain and uneven recovery expected following unprecedented labour market crisis - ILO - Brand Spur

Incredible Sitewide 8% Off Discount Codes

It doesn't matter what kind of gift you want to purchase this International Women's Week, iShopChangi has a special deal that makes it the perfect time to buy. Using the code IWD8, customers can save 8% off all categories except Wines & Spirits. With no minimum spend and capped at S$30, there are literally thousands of bargains to be had.

You can save even more on top-tier beauty products such as ELIZABETH ARDEN, OLAY and INNISFREE by applying this discount to our already reduced prices. There are plenty more delights too, including alluring lingerie by VICTORIA'S SECRET and premium fragrances by JUICY COUTURE and RANCÉ 1795. Alongside deals on handbags and jewellery, we have everything you need in one spot.

Take 5% Off Your Favourite Wine and Spirits

There's no better place to stock up on your favourite wine and spirits than iShopChangi if you're planning on getting the girls around this International Women's Week. To make sure you don't miss out on anything, we're taking 5% off our entire range for this shopping extravaganza. Simply use the DRINKS5 discount code when you're ready to checkout.

If you prefer to drink high-quality vino, iShopChangi is offering huge savings on some of the world's biggest names in wine. Across the likes of BOTTEGA, JACOB'S CREEK and DBR LAFITE, you'll find that a vast range of sought-after vintages are available for heavily reduced prices. In addition to discounts on beloved spirit makers such as MACALLAN, GLENFIDDICH and HIBIKI, this discount code has no minimum spend and is capped at S$30.

Score 10% Off with Upsized Ladies' Night vouchers

Don't think the savings stop there. Across two special Wednesday evening events throughout this International Women's Week, we're also offering Upsized Ladies' Night vouchers. Held March 3 and March 10 from 6pm-12am, we're bumping up the discount to 10% off. With no minimum spend, capped at S$50, use codes IWD10X (3 Mar) and IWD10Z (10 Mar).

Honour This International Women's Week in Style

Mark this special occasion in the best possible way by shopping online at iShopChangi. With outstanding discount codes and sitewide promotions on thousands of gifts and luxury products, you can ensure this International Women's Week is the biggest one yet.

About Changi Airport Group

Changi Airport Group (Singapore) Pte Ltd (CAG) (www.changiairportgroup.com) was formed on 16 June 2009 and the corporatisation of Singapore Changi Airport (IATA: SIN, ICAO: WSSS) followed on 1 July 2009. As the company managing Changi Airport, CAG undertakes key functions focusing on airport operations and management, air hub development, commercial activities and airport emergency services. CAG also manages Seletar Airport (IATA: XSP, ICAO: WSSL) and through its subsidiary Changi Airports International, invests in and manages foreign airports.


About iShopChangi

iShopChangi was launched in 2013 as an extension of Changi Airport's promise to deliver greater comfort and convenience to travellers in its suite of airport retail offerings. Passengers can browse and purchase tax- and duty-free products across all terminals between 30 days to 12 hours pre-flight on the e-store -- and choose to collect their items at Collection Centres within departure, upon arrival or have them delivered free in Singapore. Providing easy access to over 30,000 products across 900 brands and exclusives such as Changi First product launches, the site has since received global recognition with its award for Best Website -- Retail Customer Facing at The Moodies: the Airport and Travel Retail Digital Media Awards 2018. In early 2020, the e-commerce store started to retail a selection tax- and duty-absorbed products to Singapore-based residents without the need to fly.

Uncertain and uneven recovery expected following unprecedented labour market crisis - ILO - Brand Spur
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Uncertain and uneven recovery expected following unprecedented labour market crisis - ILO - Brand SpurUncertain and uneven recovery expected following unprecedented labour market crisis - ILO - Brand Spur