Job losses from virus 4 times as bad as ’09 financial crisis – Bay News 9

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.

The United Nations agency noted that most people who lost work stopped looking for a job altogether, likely because of restrictions on businesses that hire in big numbers like restaurants, bars, stores, hotels and other services that depend on face-to-face interactions.

Currently, infections are rising or remain stubbornly high in many countries and vaccine distribution is still slow overall.

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