UN Secretary-General Antonio Guterres released the Policy Brief at an International Conference on Jobs and Social Protection for Eradication of Poverty, sponsored by the Financing for Development Initiative in the Era of COVID-19 and Beyond, with support from the International Labor Organization, a United Nations (UN) body based in Geneva, Switzerland.
The conference was held with political participation at the level of Heads of State and Government, among them, are the Egyptian Prime Minister, Dr. Mostafa Madbouly, along with the heads of major international organizations, banks and multilateral financial institutions, civil society, the private sector, and academia, according to the United Nations.
Investing in job-rich economic growth, social protection, and a just transition to zero-emissions carbonic gases throughout the future, especially in low- and middle-income countries, can prevent further deepening of the inequalities between developed and developing countries that have been exacerbated during the COVID-19 crisis, the UN Secretary-General has said.
The UN Chief pointed out during the conference that there is a need for at least $982 billion in fiscal stimulus measures to respond to the immediate labor market shocks resulting from the crisis and to support a just transition.
He added that $1.2 trillion per year is needed as social protection floors in low- and middle-income countries.
According to the Secretary-General, the number of people living in extreme poverty increased between 119 and 244 million - the first increase in poverty in more than 21 years.
In 2020, an estimated 8.8 percent of total working hours were lost - the equivalent of 255 million people working full-time in one year.
This is linked to a $3.3 trillion loss in workers' income before government subsidies.
Because of the pandemic, jobs fell by an estimated 75 million jobs in 2021 compared to what they were before the crisis and an expected decline of 23 million jobs in 2022.
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