COVID-19 threatens unemployment of over 25 million people globally, confirms ILO

Ongoing Coronavirus is threatening to affect the employment of at least one billion people globally, confirms International Labor Organization (ILO).

The COVID-19 pandemic has endangered a large number of human lives, ILO now has warned of the dire situation.

According to a report released by ILO, around 29.5 million people may get unemployed due to the virus crisis.

The largest job shortage in Asian countries can be up to 12.5 million, the report said.

Around one million people in Europe and five million in Arab countries are at higher risk of getting unemployed.

The report further said that in the developing countries, the middle earners of the 10 million people will get mostly affected, which is more than twice of the financial crisis of 2008.

The sectors most at risk are food, manufacturing and retail.

According to ILO’s director-general Guy Ryder,  the virus, for both developed and developing countries, is having devastating effects on business world.

The deadly pandemic situation must be dealt promptly and decisively.