Pandemic puts 436 million companies at risk worldwide, ILO warns

Geneva, Apr 29 (efe-epa).- More than 436 companies around the world face a high risk of serious disruption from the coronavirus pandemic, the International Labour Organization warned on Wednesday.

The ILO has called for urgent measures to assist these businesses and their employees, particularly smaller enterprises and those in the informal economy which are particularly vulnerable.

In its third report on the effects of the Covid-19 crisis on the labour market, it estimated that 232 million companies in wholesale and retail, 111 million in manufacturing, 51 million in accommodation and food services and 42 million in real estate and other activities were at risk.

Guy Ryder, ILO director-general, said: “For millions of workers, no income means no food, no security and no future.

“Millions of businesses around the world are barely breathing. They have no savings or access to credit.

“If we don’t help them now, they will simply perish.”

The ILO, which is based in Geneva, called for international coordination on stimulus packages and debt relief measures which it said “will also be critical to making recovery effective and sustainable”.

“Measures for economic reactivation should follow a job-rich approach, backed by stronger employment policies and institutions, better-resourced and comprehensive social protection systems,” it added.

The report predicted a 10.5 per cent deterioration compared to pre-crisis levels, equivalent to 305 million full-time jobs.

This was increased from a previous estimate for a 6.7 per cent drop, equivalent to 195 million full-time workers, due to ongoing lockdown measures.

Related Articles

Back to top button