The International Labor Organization (ILO) has projected that the coronavirus (COVID-19) will result in a 6.7% global loss in working hours during the second quarter of 2020. This is equivalent to 195 million full-time workers, far exceeding the losses of the 2008 financial crisis.
The new report from the ILO also shows the huge reductions in working hours are expected in Arab states (8.1%), Europe (7.8%), and Asia and the Pacific (7.2%). In the global workforce of 3.3 billion, 81% of people are affected by either full or partial workplace closures due to COVID-19. Sectors with the highest risk include manufacturing, accommodation and food services, retail, and business and administration services. Furthermore, two billion people worldwide work in the informal sector, most in developing and emerging economies, and are particularly at risk. It is expected that global unemployment could exceed 25 million if governments fail to react appropriately to the overwhelming number of people unable to work.