A Study on the Economic and Labor Market Impacts of Covid-19

This assignment analyzes the economic impact of the COVID-19 pandemic on the global economy and labor markets. It references the International Labour Organization (ILO) and highlights the potential for significant job losses, estimated at nearly 25 million worldwide. The assignment discusses the i...Read More

Running Head: SYNOPSIS
Synopsis
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SYNOPSIS 2
Synopsis: Covid-19 global pandemic
According to the International Labor Organization (2020), Covid-19 pandemic will have great
ramifications on the global economy not only in the developing nations but also developed nations.
According to the assessment conducted by the International Labor Organization, labor as well as
economic crisis created by this pandemic has the potential to raise the world unemployment rate by
about 25 million. However, if the world can adopt globally coordinated policy and health care response,
as was witnessed in the world economic crisis of 2008/2009, then the impact on world unemployment
can reduce significantly.
There are ways in which the impacts of Covid-19 on the global economy can be minimized;
protecting the workers especially the healthcare workers in their places of work, supporting incomes
and jobs as well as stimulating employment and economy. The measures can entail supporting retention
of employment especially healthcare workers who work on short time, giving them paid leave, social
protection and tax and financial relief. Underemployment in different countries is expected to rise in a
large proportion as the impacts of Covid-19 translates into lowering of wages and working hours. This
scenario will also be seen in many healthcare systems across the globe. According to International Labor
Organization Director General, Mr. Guy Ryder, concerted efforts in leadership across all sectors is
needed to avert the adverse impacts of this pandemic (International Labour Organization, 2020). The
pandemic not only presents the world with a global health crisis but also a huge economic and labor
market crisis which will have a great impact on the social and health factors of the human race
The question that I ask you my colleagues; which role do take in combating the impacts of
Covid-19 in your local communities?

SYNOPSIS 3
Reference
International Labour Organization (18 March 2020). Almost 25 million jobs could be lost worldwide
as a result of COVID-19, says ILO. Retrieved from https://www.ilo.org/global/about-the-
ilo/newsroom/news/WCMS_738742/lang--en/index.htm