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Economic impact of Covid-19: 225 million unemployed, the rich made $ 500 billion

The report released by the United Nations’ International Labor Organization on Monday revealed that at least 225 million full-time workers lost their jobs last year due to the Covid-19 outbreak worldwide. This was claimed to be the highest number since the Bühük Depression of 1930 and four times higher than the global crisis of 2009. On the same day, Oxfam announced that the total wealth of the world’s 10 richest people had increased by more than of $ 500 billion since Covid-19 started. This number is much higher than the amount that can be given to everyone with the Covid-19 vaccine.

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The United Nations affiliated International Labor Organization (ILO) released a report showing the effects of the pandemic on the world economy. In the report, it was stated that during the Covid-19 epidemic, there were four times more job losses compared to the 2009 global crisis, while restrictions imposed on public and social life due to the epidemic led to a reduction in the 8.8 percent in total working hours in 2020. The International Labor Organization (ILO) also announced an 8.8 percent reduction in working hours globally in 2020.
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In the report, which stated that unemployment increased 1.1 percent, or 33 million people worldwide, to 225 million, it meant the loss of a total of 255 million full-time jobs, including 114 million registered unemployed. In the report, it was highlighted that the loss of employment between the ages of 15 to 24 years was 8.7 percent, and the expressions “These data emphasize the risk of a lost generation” were used.
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“We are experiencing the deepest crisis in the labor market since the Great Depression of 1930. The impact is far greater than the global crisis of 2009,” Guy Ryder, Director General of the International Labor Organization, said at the press conference in line.
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According to the ILO, those who lost their jobs stopped looking for work because companies in the service sector such as restaurants, cafes, shops and hotels with higher contracts were affected by the imposed restrictions. While the International Labor Organization expects the loss of work hours to continue this year and next, it was claimed that 81 million people did not register as unemployed. The organization stated that job losses totaled 3.7 trillion in revenue globally, which is 4.4 percent of total global gross domestic product (GDP). The ILO report noted that young people and women were the most affected by this situation.
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On the day the United Nations International Labor Organization (ILO) released the report on the impact of the corona virus on the global economy, the research company Oxfam also released its own report. Oxfam claimed that the wealth of the world’s ten richest people has increased by $ 500 billion since Covid-19 started. It was stressed that this amount may exceed the cost of vaccines that will vaccinate the entire world.
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Oxfam stated in its report that the effects of the global crisis will last much longer on the poor and underlined that the poor can return to their former state 14 times longer than the rich. In the report, which claimed that the world’s richest people returned economically to their pre-epidemic state, the 10 richest people added at least $ 500 billion to their wealth.
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As a result, the Oxfam report used the phrases “The virus discovered, nurtured and increased existing wealth and other inequalities.”

Source: www.ntv.com.tr

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