COVID-19 and world of work: impacts and responses published by International Labour Organization (3/2020).
“1. Current situation: Why are labour markets important? The COVID-19 pandemic, which has already infected almost 170,000 people in 148 countries, resulting in more than 6,500 deaths,1 has the potential to reach a large proportion of the global population. Some estimates suggest that 40-70 per cent of the world’s population could become infected.
The crisis has already transformed into an economic and labour market shock, impacting not only supply (production of goods and services) but also demand (consumption and investment). Disruptions to production, initially in Asia, have now spread to supply chains across the world. All businesses, regardless of size, are facing serious challenges, especially those in the aviation, tourism and hospitality industries, with a real threat of significant declines in revenue, insolvencies and job losses in specific sectors. Sustaining business operations will be particularly difficult for Small and Medium Enterprises (SMEs). Following travel bans, border closures and quarantine measures, many workers cannot move to their places of work or carry out their jobs, which has knock-on effects on incomes, particularly for informal and casuallyemployed workers. Consumers in many economies are unable or reluctant to purchase goods and services. Given the current environment of uncertainty and fear, enterprises are likely to delay investments, purchases of goods and the hiring of workers.
Prospects for the economy and the quantity and quality of employment are deteriorating rapidly. While updated forecasts vary considerably — and largely underestimate the situation — they all point to a significant negative impact on the global economy, at least in the first half of 2020.3 These worrisome figures show growing signs of a global economic recession.
Swift and coordinated policy responses are needed at national and global level, with strong multilateral leadership, to limit the direct health effects of COVID-19 on workers and their families, while mitigating the indirect economic fallout across the global economy. Protecting workers and their families from the risk of infection needs to be a top priority. Demand-side measures to protect those facing income losses because of infection or reduced economic activity are critical to stimulating the economy. Income protection also mitigates the disincentives against disclosing potential infections, especially amongst lowincome and already disadvantaged groups of workers…”
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