ILO urges social spending against growing poverty, inequality and joblessnesstext_fields
The International Labour Organization (ILO) on Monday called for sustained social spending and other structural changes to counter the economic fallout caused by the pandemic.
According to Turkey's state-run Anadolu Agency's report on Friday, the ILO chief Guy Ryder made his recommendations on behalf of the global body representing workers, employers and governments to the annual meetings of the World Bank and the International Monetary Fund (IMF).
It cited the ILO chief, Guy Ryder, as saying the world economy needs to find a new or at least supplemental engine of economic recovery.
In a written statement submitted to the annual meetings of the IMF and the World Bank Group, Guy rider outlined the particularly severe impact of COVID-19 on many of the two billion workers in informal employment, as well as on those with less job protection which include temporary, domestic or migrant workers.
He argued that the pandemic had severely disrupted the fundamental building blocks of economic and social progress, including widely available employment, skill development, decent working conditions, sustainable enterprise, adequate social protection and increased gender equality, as well as raising productivity, purchasing power and consumer and investor confidence, Anadolu reported.
The current trends have translated into substantial losses in labour income with an estimated global decline of 10.7% during the first three quarters of 2020, compared with the corresponding period in 2019, amounting to 5.5% of GDP.
As a result, ILO further asserted that since the poverty levels are increasing, the income support measures for the vulnerable affected group should be a policy priority.
Ryder's submissions came amid growing worldwide concern about the impact of the virus outbreak on jobs and as the World Economic Forum announced, it would release a new Future of Jobs Report 2020 on Wednesday.