Another Coronavirus Wave This Year Could Result In The Loss Of 340 Million JobsJuly 02, 2020 11:50
Another Coronavirus Wave This Year Could Result In The Loss Of 340 Million Jobs:- The coronavirus pandemic shattered each and every field across the globe. Crores of people lost their jobs and are left in a deep financial crisis. It will take years for many businesses to bounce back and retain their glory. Countries like the USA and UK too could stand before the wave of coronavirus. The International Labour Organization (ILO) warned of one move coronavirus wave that would hit during the second half of this year. This would result in the loss of 11.9% jobs globally which is equal to 340 million full-time jobs across the world.
The report is published in the fifth edition of the International Labour Organization Monitor: COVID-19. The report made it clear that the recovery of the market for this year in any field would be uncertain. The report also said that there was 14% drop in the global working hours in the second quarter of 2020 which is equal to the loss of 400 million full-time jobs. This is the worst-hit crisis in the recent decades as per the report. The second half of 2020 would be more challenging like the second quarter of the year.
There would be lot of restrictions for the employees because of the financial crunch in the market in all the fields. Despite of the lockdowns lifted all over, people are not ready to come out and because of this, there is no boost for several businesses. The slash in the jobs and the budgets would continue as it takes years for the normalcy to return back.