The coronavirus destroys four times more working hours than the 2008 crisis

MadridIn less than a year, the covid-19 pandemic has left a deep mark on the labor market. The restrictions that have been forced to impose most countries to stop contagion and that have stopped economic activity for weeks or months have had a huge impact: during 2020, global working hours were reduced 8.8%, the equivalent of 255 million jobs, according to estimates by the International Labor Organization (ILO). “It is a global and unprecedented loss,” said the report released Monday by the Geneva-based agency. The widespread destruction of working hours has also led to a fall in labor income of 8.3%, the equivalent of 4.4% of world gross domestic product (GDP).

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