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May 2, 2020

Global jobs loss looms amidst COVID-19 scourge

Predicated on the lingering pandemic, the International Labour Organisation (ILO) has, in its latest data presentation, estimated that over 1.6 billion people would lose their jobs.

Of the 3.3 billon people that make up the global workforce, that’s about 50% casualty on the entire sum.

In what can be best described as a post-Covid aftermath, hundreds of millions of Small and Medium-scale Enterprises (SMEs), worldwide, have also been projected to be badly hit.

Consequently, many would have to continue to work from home, some more would lose their jobs as a result of downsizing, while others would have to stoop for a pay-cut, as is the case already with footballers and football clubs.

The previous estimate was for a 6.7per cent drop, equivalent to 195 million full-time workers. This is due to the prolongation and extension of lockdown measures, and would deal a deadlier blow on more businesses.

On the average, the entire 7.8billion population of the world would, directly or indirectly, be affected, since everyone is connected to either the civil service or to SMEs for livelihood.

Just this morning, in my phone conversation with an entrepreneur (name withheld), the situation may have largely affected the mind.

“I had massive plans then but all of a sudden, the inflow stopped coming as it used to. It, first of all, affected the pocket then the mind.

“Now that the industry is down, I am trying to work out strategies that will take me back once things pick up.

“For men that have a problem with erection, go and check. The problem is often their pocket and mind, not their manhood. I thank God it didn’t get to my manhood,” he said in a rather frustrating but sarcastic undertone.

Statistics has also shown that, worldwide, more than 436 million enterprises face high risks of serious disruption. These startups are operating in the hardest-hit economic sectors, including some 232million in wholesale and retail, 111million in manufacturing, 51million in accommodation and food services, and 42million in real estate and other business activities.

Baffled by the development, ILO Director-General, Guy Ryder, was quoted to have said that, “For millions of workers, no income means no food, no security and no future. As the pandemic and the jobs crisis evolve, the need to protect the most vulnerable becomes even more urgent.

“Millions of businesses around the world are barely breathing. They have no savings or access to credit. These are the real faces of the world of work. If we don’t help them now, these enterprises will simply perish.”

Except by a divine intervention and perhaps proactive steps by government at all levels, all over the globe, there may be nothing left to be called a workforce, after the COVID-19 scourge.
This is no doomsaying!

Article By: Ayo Alonge.

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