The International Labour Organization states that the economic and labor crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million people.
However, they say, internationally coordinated response, similar to the approach adopted in the response to the 2008-2009 global financial crisis, would significantly lower the impact on global unemployment.
ILO’s preliminary assessment note calls for urgent, large-scale and coordinated measures across three pillars: protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.
These measures include extending social protection, supporting employment retention, and financial and tax relief, including for micro, small and medium-sized enterprises. In addition, the note proposes fiscal and monetary policy measures, and lending and financial support for specific sectors.