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More than 80% of world’s 3.3 billion workforce hit by virus

Four workers in five across the world, or 2.7 billion people, have had their workplace fully or partly closed due to the coronavirus pandemic.

Restrictions on daily life which aim to curb the spreading of the virus have led to the closure of many companies – either permanently or temporarily, according to a report from The International Labour Organization (ILO), which is a part of the United Nations.

It said 81% of the world’s 3.3 billion workers have been affected by the health emergency, which has seen economic activity stall due to lockdown measures imposed by governments.

Economists fear the world may slip into a recession in the second quarter of the year, with firms forced to dismiss staff leaving workers unable to pay bills, meet mortgages or keep up with loans.

The outbreak is expected to wipe out 6.7% of working hours across the world during the second quarter of 2020.

That is the equivalent of 195 million full-time workers losing their jobs. The worst-hit region is predicted to be the Arab states, with an 8.1% decline in working hours, or five million full-time workers.

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“Workers and businesses are facing catastrophe, in both developed and developing economies,” said ILO director general Guy Ryder.

“We have to move fast, decisively, and together. The right, urgent, measures, could make the difference between survival and collapse.”

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The sectors of the economy have been suffering in different ways. Most companies are unable to operate under these conditions, which has numerous effects in other areas of the economy. One of the hardest hit areas is the travel industry, as the global lockdown has eliminated the ability for most people to move within their own nations, or across international borders.

Also, food service industries, manufacturing, wholesale, retail, as well as real estate and business, all of which account for nearly 38% of the global workforce, with 1.25 billion people working in these industries.

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Nicholas Say

Nicholas Say is originally from Ann Arbor, Michigan, and has a long-standing interest in the global financial markets. In addition to writing, Nicholas also enjoys making arsenal condiments.

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