International Labour Organization, ‘The crisis, world economy is facing now, will be the worst in the postwar period’

Within the framework of the session ‘Resetting Employment Relations. Finding a Balance of Interests Between Employers and Employees in the New Reality’ Olga Koulaeva, Director of International Labour Organization (ILO) Office for Eastern Europe and Central Asia, said that almost 81% of world employed population has already faced complete or partial loss of a job.

‘The crisis, world economy is facing now, is likely to be the worst in the postwar period. According to ILO assessment, the second quarter of 2020 will see the reduction of worldwide staff time by 6,7%. And that’s equivalent to full-time job of 95 million people. In the upper-middle income countries expected staff time losses will account for full-time job losses of 100 million people. That means the loss of staff time equivalent to employment of 5 million people for Arab countries, of 12 million people for European countries and of 125 million people for the Asian-Pacific region,’ said the expert.

According to Olga Koulaeva, people working in hotel industry, retail, manufacturing industry, public catering as well as commercial and administrative sector will be among the most vulnerable. More than a billion people are working in those fields all over the world.

Director of ILO Office for Eastern Europe and Central Asia noted that only large-scale measures would be able to alleviate a burden of crisis consequences. First of all, that involves support of enterprises and employment safeguarding due to the shifts on to part-time job schemes.

St. Petersburg International Legal Forum 9 ½: The Rule of Corona is taking place online on April 10-12th. Heads of Russian and foreign authorities, legal experts, scientists, politicians and journalists will take part in virtual discussions. The main topic of the forum is dedicated to legal aspects of public and business life under the conditions of the COVID-19 pandemic.