1945

Even before the pandemic hit, global economic growth had slowed. The COVID-19 crisis disrupted economic activities around the world and caused the worst recession since the Great Depression. In 2020, 8.8 per cent of global working hours were lost (relative to the fourth quarter of 2019), equivalent to 255 million full-time jobs – about four times the number lost during the global financial crisis in 2007–2009. The pandemic has put workers in informal employment at risk, as they lack protection against illness or lockdowns. Young workers and women have been particularly affected by the crisis. With the roll-out of COVID-19 vaccines and continued fiscal and monetary support, the United States of America and China are expected to experience strong growth in 2021. However, for many other countries, economic growth will remain below pre-pandemic trends for a prolonged period.

/content/books/9789210056083c012
dcterms_title,dcterms_subject,pub_keyword
-contentType:Journal -contentType:Contributor -contentType:Concept -contentType:Institution
10
5
Chapter
content/books/9789210056083
Book
false
Loading
This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error
aHR0cHM6Ly93d3cudW4taWxpYnJhcnkub3JnLw==