COVID-19, the reckless pandemic of the decade, has left people, properties, lives, jobs, global economy, and almost every aspect into a great threat. It will be not wrong to say that the consequences of this virus are worse than the destruction that had occurred during the Second World War.
In a recent study conducted by ILO(International Labour Organization), it is predicted that the worst impact of COVID-19 could be seen with an approximate loss of 195 million jobs worldwide, leaving people unemployed and shattered. At present, putting a glance over the current scenario, global unemployment already stood at 190 million and it is can be said that the financial crisis we’ll be facing will exceed the 2008-09 financial crisis for sure.
Major sectors to get affected
Well, every sector of the economy is going to be affected by this pandemic for sure. However, there are four major sectors that add up to almost 38% of global employment.
Food and Accommodation
The food and accommodation sector is one of the most important sectors of the economy and as the production has fallen due to the reckless increase in the pandemic disease, there are approximately 144 million workers left unemployed.
Retail and Wholesale business
This sector covers a major part of global employment. As the worldwide production has shattered completely, the retail and wholesale businesses have been impacted on a large scale. The pandemic has affected approximately 482 million jobs in the sector.
The businesses that are service-based have also been affected by the ugly face of this pandemic disease impacting approximately 157 million jobs in the sector on average, revealed in the recently conducted study by ILO.
The manufacturing sector forms the base for all the other sectors of the economy. As the production has completely shut down, so is the manufacturing process. The pandemic has affected almost 463 million of jobs in the sector.
Four pillars to regain the stability of the global economy post COVID-19
As the night definitely ends and a bright morning comes for sure; similarly, the worst pandemic of the decade will end soon. Unfortunately, it has threatened the world in all aspects bringing the lives and livelihood in danger.
With the thousands of lives and jobs lost globally, it will be a great challenge for the government to restore the economy again. However, ILO says that the authorities’ should foster on the four pillars once the pandemic is over, to regain global stability.
Stimulating the employment level and economy
The first most important initiative would be stimulating the employment level. The employment level will be accelerated when more and more jobs and vacancies will be offered. When the employment level will be raised, it will automatically uplift the dry economy.
Reviving the drowning business units
Due to the ugly effects of the pandemic, there are numerous business units left sick and drowning. The next important move would be to revive such drowning units so that the existing businesses can be restored and the situation of complete shut down can be eliminated.
Safeguarding the interest of the workers
Another vital measure is to safeguard the interest of the workers in the context of wages, working environment and other aspects as well. The ultimate objective here will be to keep a check on whether the workers are treated well or not and to see if they’re getting paid fairly.
Fostering the complete focus on jobs and income
A country’s economic growth is marked with the GDP rate and it is well known that GDP will raise when the national income will rise. Consequently, the national income will rise when there are enough jobs for the youth. So, here, the complete focus should be on the creation of jobs and raising the income level.
At the moment, the governments are trying to their best to tackle the situation wisely, and yes, the black era will end soon and we’ll be able to come back to your routine lives. But, for now, we should support the government and should obey their instructions. Following social-distancing and staying at home is the only way to fight this pandemic disease for now as there is no antibiotic available to treat the disease. Hope this article met your reading desires. Feel free to share your feedback.