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  • Overall, the ILO foresees that by the end of the year another 245 million full-time jobs will be lost worldwide.

    Overall, the ILO foresees that by the end of the year another 245 million full-time jobs will be lost worldwide. | Photo: EFE/ Carlos Cárdenas

Published 23 September 2020
Opinion

Peru shows the worse unemployment crisis since at least 50 percent of jobs were lost during the second quarter of 2020.

Latin America was the region hardest-hit by unemployment in the second quarter of 2020, the International Labor Organization (ILO) revealed on Wednesday.

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The ILO's latest report shows that confinement measures due to the COVID-19 pandemic caused a loss of working hours equivalent to 80 million jobs from April to June alone, representing 33.5 percent of all jobs in the region.

"As we redouble our efforts to defeat the virus, we must take action at scale as soon as possible to mitigate its effects on the economic, social, and labor levels. In particular, promote employment and entrepreneurship and ensure income," said ILO's Director-General Guy Ryder.

Moreover, the Americas reported the most massive labor income loss during the first three quarters of 2020, amounting to $1235 billion. The index surpassed Africa, the Arab States, Asia, and the Pacific and Europe and Central Asia.

On the other hand, the global labor income "is estimated to have declined by 10.7 percent
during the first three quarters of 2020 compared with the corresponding period in 2019," the report points out.

Furthermore, the ILO forecast that Latin American countries will continue to report a massive unemployment crisis in the third quarter of 2020. The year-on-year decline is estimated at 25.6 percent, which means that 60 million jobs can disappear this period.

Peru shows the worse unemployment crisis since at least 50 percent of jobs were lost during the second quarter of 2020. Also, Mexico, Chile, Ecuador, Colombia, and Costa Rica report a loss of 20 percent.

The ILO's estimations confirmed other international organizations' reports highlighting that women's employment has been the most affected by the COVID-19 pandemic, while informal workers worldwide are the hardest-hit. These trends reinforce the need for governmental financial stimulus packages both for individuals and businesses, the organization remarks.

Overall, the ILO foresees that by the end of the year, another 245 million full-time jobs will be lost worldwide.

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