International Labor Organization: Financial and social problems will continue in 2021 despite temporary improvement

Guy Ryder, Director-General of the ILO, based in Geneva, Switzerland, evaluated the organization’s seventh report on the global crisis, which has been published since March 2020, at a press conference held by videoconference.

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Referring to the impact of the pandemic on the business world, Ryder said: “There is relatively good news. We are seeing temporary signs of improvement. The signs are fragile, ambiguous and expectations significantly unbalanced.” found the evaluation.

Emphasizing that no country and sector in the world can “turn their backs” on the Covid-19 crisis alone, Ryder said: “A visible development in a single sector or field can be a” false door, “he spoke.

Noting that labor markets were severely affected by the epidemic in 2020, Ryder emphasized that the effect of “recovery processes is human-centered.”

Noting the effects of the crisis created by the Covid-19 outbreak on global business markets, Ryder said: “This was the most severe crisis for business since the Great Depression of the 1930s. Its impact was far greater than the 2009 global financial crisis “. said.


On the other hand, according to the report announced by the ILO, there was a loss of 8.8 percent in global working hours in 2020. The organization noted that this loss was equivalent to 255 million full-time jobs and almost four times the loss experienced in the 2009 global financial crisis.

In assessing lost work hours, Ryder said: “About half of the lost work hours can be explained by decreasing working hours for those still working. The rest came from unprecedented job losses. A a total of 140 million people were affected by this. ” shared his knowledge.


The ILO report stated that lost working hours in 2020 were due either to a reduction in the working hours of those still in employment or to the “unprecedented” loss of employment that reached 114 million people.

The report cited that 71 percent of global job losses (81 million people) were due to the recession rather than unemployment. “These massive losses resulted in an 8.3 percent decrease in global labor income (before support measures were included). The equivalent of $ 7 trillion, or 4.4 percent of all the world’s gross domestic product (GDP). ”Expression was used.

Ryder said that under the optimistic scenario, the strongest recovery from the outbreak is expected to occur in low- and middle-income countries.

Warning that high-income countries will face a difficult first quarter this year, Ryder said:

“However, with the beginning of the effects of the vaccination programs, its recovery will be stronger in the second half of the year. All the scenarios of expected lost hours of work will continue. That is, this economic and social anguish of millions of people will continue during 2021 “.

The report by the UN agency ILO also noted that women and youth are more likely to be negatively affected by the epidemic in 2020.

The ILO predicted that around 25 million people around the world could lose their jobs due to Covid-19 on March 8, 2020, when the epidemic began to affect the world.



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