The ongoing Covid-19 pandemic is taking a massive toll on the global economy, destroying millions of jobs worldwide as companies are forced to reduce staff. The International Labour Organization has forecast that the pandemic could reduce global working hours by nearly 7 percent in the second quarter of 2020. This is the equivalent to 195 million full-time jobs. According to a report by McKinsey, in Africa, Europe, and the United States, up to a third of the workforce is vulnerable to reduced income, furloughs, or layoffs as a result of the pandemic. Many millions of jobs could be lost permanently, which, in turn, would dampen consumer spending. The pandemic is… Read More
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