STAGGERING STATISTICS ON GLOBAL JOB LOSS MGJT OUTLIVED COVID-19

Without any doubt, Covid-19 has printed his signature on the affairs of men through out the globe, in all sphere of life, it’s impact are felt differently, lives are lost, jobs, homes, money just name it all.

But without taking away any sympathy for those that lost their lives, we want to look into the “Job Loss” and employment effects of the covid-19.

As unavoidable as it might seems, this should be the most troublesome effect of Covid-19 to all governmental affairs around the world by now, but unfortunately so, they are still In the stage of battling with curbing the spread of the virus, without even a solution on a possible cure or vaccines.

Now, statistics around the world has comes up with figures predicted for job loss, it’s on a daily rise and predictions is set to hit the maximum height which has never been witnessed by man.

As a result of the pandemic, the global travel and tourism market is predicted to be hit the most with a loss of 100.8 million jobs worldwide by the end of 2020.

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The region predicted for the biggest loss from COVID-19 is the Asia Pacific region, losing approximately 63.4 million jobs, while Europe is forecast to be the second hardest hit with a forecasted employment drop of 13 million.

Prior the covid-19 spread, Among nine rich democracies with comparable government survey data through April, the United States has seen the largest increase in official unemployment measures.

According to the latest figures from the US Labor Department (as of 14 May), 36.5 million American citizens have filed unemployment claims just eight weeks into the coronavirus crisis effectively forcing the shutdown of large parts of the United States economy. The United States stands out in that as 13% of its workers are currently receiving the support. It’s estimated that roughly 10 million U.S. workers have been supported by the program through May 16th. This subsequently means that over 10m Americans lost their job within the eight weeks of the pandemic breakout.

Some 1.6 billion people employed in the informal economy or nearly half the global workforce could see their livelihoods destroyed due to the continued decline in working hours brought on by lockdowns to curb the spread of COVID-19, the International Labour Organization (ILO) said recently.

Even in countries whose lockdown have been relaxed, the job loss is still on the rise at a steady pace. At the rate at which it’s on the rise, the total loss globally could rise subsequently even after the corona virus has been defeated. The central part of Faria-e-Castro’s compilations comes from previous Fed research showing 66.8 million workers in “occupations with high risk of layoff.

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With these available data about job loss and it effects around the globe, it’s believed that world economy might crash at a point of the pandemic isn’t curbed as soon as possible.