Financial Energy Review
by Ayo Folaolu….
The International Labour Organisation (ILO) has predicted that half of the world work force about 1.6 billion people may lose their sources of livelihood because of the coronavirus pandemic that brought about lockdown in major economic cities worldwide.
“Half of the world’s economically active population, 1.6 billion workers in the informal sector, could lose their sources of livelihood because of the Covid-19” ILO said.
According to the Labour organization this group is the most vulnerable in the labor market, out of a total of two billion globally, and a workforce of three and a half billion people.
ILO pointed out that the lockdown by many countries may have put their workers at risk and the fact that these people work in some of the most affected sectors.
According to ILO, in the first month of the crisis worldwide, 60 percent of the income of informal workers was collected.
This represents a contraction of 81 percent in Africa and parts of the Americas, 21.6 percent in Asia and the Pacific, and 70 percent in Europe and Central Asia.
The organization stresses that without an alternative source of income, these workers and their families will have no means of survival.
