UN: Coronavirus Pushes Global Unemployment, Poverty to Historical Levels

The United Nation has issued a report draws a dreadful image of the world economy. The report warns of precedent rates of unemployment and poverty in the world during the period to come as an expected fallout of the Coronavirus which threatens the planet now.

The deadly virus ( known also as the COVID-19) has infected more than three million people in the world so far.

The UN report on April indicated that about 195 million persons will lose jobs due to the Coronavirus.

This leads to more poverty and other social problems in the world. Experts of the UN stressed that economic crisis related to the COVID-19 pushes the world economy towards depression like the great Depression that hit the world economy in the end of the 30's of the 20th century.

The report went on to say that the small and medium-sized firms, farmers, refugees, immigrants are the most vulnerable categories which inflicted by the impacts of the Coronavirus.

The economists warn that the world is about to enter into a new passive depression over the period to come.

The envisioned slump will be the most dangerous since the 1930's.

Many governments across the globe have ordered their national companies to suspend their activities and instructed their peoples to stay at home. Despite the sinister expectations, the experts affirm that the depression may hold for a short period.

Economists at the Stanley Morgan Bank forecast the slump will run for short range. However they point out that economies of the developed nations will return to the previous levels of growth by the third quarter of the next year.

Furthermore, the International Labor Organization (ILO) has warned that the Coronavirus would leave about one billion at the age of work, without jobs in all parts of the planet. The organization released a statement said that those who will not lose their jobs may suffer from reducing wages.

Restaurants, hotels, retail and various industries are the most vulnerable sectors in the world economy. Those sectors were hurt excessively due to the deadly virus which was ranked by the World Health Organization on March 10, as pandemic.

The ILO urges the governments to offer immediate aids to the employees and companies to protect the workforce against either dismal or shut down, expecting that work hours in the world will be reduced by 6.7% throughout the second quarter of the current year.

Kristalina Georgieva, managing director of the International Monetary Fund (IMF), warned that the world economy stopped, adding that the current depression is worst than the other of 2008-2009.