Job Losses From China Virus 4 times as bad as ’09 financial crisis

GENEVA (AP) — Four times as many jobs were lost last year due to the coro­n­avirus pan­dem­ic as dur­ing the worst part of the glob­al finan­cial cri­sis in 2009, a U.N. report said Monday.

The Inter­na­tion­al Labor Orga­ni­za­tion esti­mat­ed that the restric­tions on busi­ness­es and pub­lic life destroyed 8.8% of all work hours around the world last year. That is equiv­a­lent to 255 mil­lion full-time jobs — quadru­ple the impact of the finan­cial cri­sis over a decade ago.

“This has been the most severe cri­sis for the world of work since The Great Depres­sion of the 1930s. Its impact is far greater than that of the glob­al finan­cial cri­sis of 2009,” said ILO Direc­tor-Gen­er­al Guy Ryder. The fall­out was almost equal­ly split between reduced work hours and “unprece­dent­ed” job loss­es, he said.

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