Coronavirus pandemic could destroy up to 25 million jobs worldwide: ILO.

UNITED NATIONS -- The economic and labour crisis created by the coronavirus pandemic could destroy up to 25 million jobs around the world if governments do not act fast to shield workers from the impact, the International Labour Organization (ILO), a UN agency, said in a new assessment. 'However, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008-9, then the impact on global unemployment could be significantly lower,' ILO, which is based in Geneva, said. The preliminary assessment report, COVID-19 and the world of work: Impacts and responses , called 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 (i.e. short-time work, paid leave, other subsidies), 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 economic sectors. Based on different scenarios for...