Why can unemployment increase due to corona virus

The corona virus may end up at around 24.5 million jobs, the biggest risk of unemployment worldwide, ILO calls emergency meeting to tackle problem

The Economic News

According to the United Nations (UN) "Kovid-19 and World of Work" report, the corona virus is spreading rapidly after China to the rest of the world, causing 24.5 million jobs worldwide if it happens. Unemployment will increase wildly throughout the country, but the United Nations believes that if all countries bring a common policy at the international level, this problem can be avoided to some extent Land. This is the UN's most anticipated report on the effects of the corona virus, which currently denies coronaviruses as more dangerous than the 2008 financial crisis.

·      ILO called emergency meeting

The International Labor Organization (ILO) has called an urgent meeting in the wake of the Corona virus threat of job losses worldwide. The meeting will discuss three major issues, which will try to find a common solution. Under this, the meeting can discuss short-term leave, paid leave and other exemptions to office workers, as well as economic package including tax exemption for micro, small and middle-class firms. Also, the monetary policy will offer economic assistance, including loans, to the economic sector.

·      In 2008, about 22 million jobs were lost

The United Nations report is based on several scales. According to the ILO, the unemployment at the global level due to corona virus can be between 5.2 million to 20.4 million. Let us tell you that during the 2008 crisis, unemployment at the global level had increased to around 20.2million   . According to the report, the reason for rising unemployment is the reduction in working hours and manpower due to Corona virus. Due to this, there is a possibility of increasing the unemployment rate on a large scale.

·      Stopping Economic and Business Activities

Explain that due to the corona virus epidemic, most countries of the world have sealed their borders. The government has directed the closure of public places such as schools, colleges, malls, pubs, cinema halls, restaurants, as a measure at the domestic level. Also, people themselves are avoiding going to the office and crowded places. Due to this, economic and business activities have come to a complete halt.