Economics
Risk to Jobs Now ‘Unprecedented Since the Great Depression’
- World job losses could reach total of 25 million, ILO warns
- Unprecedented since Great Depression, Deutsche’s Hooper says
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The world’s workers are reeling from the initial shock of the coronavirus recession, with job losses and welfare claims around the globe already running into the millions this week.
With International Monetary Fund Managing Director Kristalina Georgieva warning of a “crisis like no other,” the cuts from Austria to the U.S. reflect the deepest peacetime recession since the 1930s as economies are frozen to beat the pandemic.