Covid-19 pandemic leads to $3.5 trillion in labour income losses worldwide

A new ILO analysis on pandemic impact reveals lower-middle-income countries, like Nepal, hardest hit, and fiscal stimulus gap threatens to increase inequality between richer and poorer countries.

In its latest report on the impact of the Covid-19 pandemic the International Labour Organisation (ILO) has concluded that the devastating losses in working hours as a result of businesses being shut down has led to global labour incomes declining by an estimated 10.7 per cent, or US$ 3.5 trillion, in the first three quarters of 2020, compared with the same period in 2019.