GENEVA: The impact of the Covid-19 pandemic on jobs has been harder than ever, and a worrying two-speed recovery is emerging between rich and poor countries, the United Nations said. International Labour Organization warned on Wednesday.
“The current trajectory of labor markets is that of a stalled recovery, with major downside risks showing, and a widening gap between developed and developing economies,” it said. Take President Guy Rider.
“Dramatically, uneven vaccine distribution and fiscal capacity are driving these trends, and both need to be addressed urgently.”
The ILO estimated that global working hours in 2021 will be 4.3 percent below the level in the fourth quarter of 2019 before the outbreak of the pandemic.
This was the equivalent of 125 million full-time jobs.
In June, the ILO was forecasting a decline of 3.5 percent, or 100 million full-time jobs.
High-income countries outperformed, suffering a 3.6 percent drop in total hours worked in the third quarter of this year, the ILO calculated.
This compares with a decline of 5.7 percent for low-income countries and 7.3 percent for lower-middle income countries.
By region, Europe and Central Asia experienced the smallest loss of hours worked, and Arab states The largest, with massive deviations from the wide gap in the vaccine roll-out and fiscal stimulus package, said the report.
The ILO also found that young people, especially young women, have been most affected by the pandemic’s impact on jobs.
The ILO estimates that if low-income countries had better access to vaccines, the recovery of working hours would take only a quarter of that with richer economies.
It is estimated that for every 14 people who were fully vaccinated in the second quarter of this year, a full-time equivalent job was added to the global labor market.
According to the ILO, at the beginning of October, 59.8 percent of people in high-income countries were fully vaccinated, compared to only 1.6 percent in low-income countries.
Ryder said in a press conference that the prospects ahead looked “weak and uncertain”, with the fourth quarter of 2021 expected to see only a modest improvement in working hours.
Significant downside risks on the horizon include energy prices, inflation and debt crises, while in low- and middle-income countries, fiscal constraints are expected to hinder further progress.
“The current trajectory of labor markets is that of a stalled recovery, with major downside risks showing, and a widening gap between developed and developing economies,” it said. Take President Guy Rider.
“Dramatically, uneven vaccine distribution and fiscal capacity are driving these trends, and both need to be addressed urgently.”
The ILO estimated that global working hours in 2021 will be 4.3 percent below the level in the fourth quarter of 2019 before the outbreak of the pandemic.
This was the equivalent of 125 million full-time jobs.
In June, the ILO was forecasting a decline of 3.5 percent, or 100 million full-time jobs.
High-income countries outperformed, suffering a 3.6 percent drop in total hours worked in the third quarter of this year, the ILO calculated.
This compares with a decline of 5.7 percent for low-income countries and 7.3 percent for lower-middle income countries.
By region, Europe and Central Asia experienced the smallest loss of hours worked, and Arab states The largest, with massive deviations from the wide gap in the vaccine roll-out and fiscal stimulus package, said the report.
The ILO also found that young people, especially young women, have been most affected by the pandemic’s impact on jobs.
The ILO estimates that if low-income countries had better access to vaccines, the recovery of working hours would take only a quarter of that with richer economies.
It is estimated that for every 14 people who were fully vaccinated in the second quarter of this year, a full-time equivalent job was added to the global labor market.
According to the ILO, at the beginning of October, 59.8 percent of people in high-income countries were fully vaccinated, compared to only 1.6 percent in low-income countries.
Ryder said in a press conference that the prospects ahead looked “weak and uncertain”, with the fourth quarter of 2021 expected to see only a modest improvement in working hours.
Significant downside risks on the horizon include energy prices, inflation and debt crises, while in low- and middle-income countries, fiscal constraints are expected to hinder further progress.
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