| "(...) The COVID-19 pandemic, which has already infected almost 170,000 people in 148 countries, resulting
in more than 6,500 deaths,1 has the potential to reach a large proportion of the global population. Some
estimates suggest that 40-70 per cent of the world’s population could become infected. The crisis has already
transformed into an economic and labour market shock, impacting not only supply (production of goods and
services) but also demand (consumption and investment). Disruptions to production, initially in Asia, have
now spread to supply chains across the world. All businesses, regardless of size, are facing serious
challenges, especially those in the aviation, tourism and hospitality industries, with a real threat of significant
declines in revenue, insolvencies and job losses in specific sectors. Sustaining business operations will be
particularly difficult for Small and Medium Enterprises (SMEs). Following travel bans, border closures and
quarantine measures, many workers cannot move to their places of work or carry out their jobs, which has
knock-on effects on incomes, particularly for informal and casuallyemployed workers. Consumers in many
economies are unable or reluctant to purchase goods and services. Given the current environment of
uncertainty and fear, enterprises are likely to delay investments, purchases of goods and the hiring of
workers. (...)" |
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International Labour Organization (ILO)