Browsing: Social cushioning

The International Labour Organisation (ILO) says that almost 25 million jobs could be lost worldwide as a result of covid-19.

Globally, the coronavirus pandemic could cause an economic and labour crisis where unemployment could range between 5.3 million in a “low” scenario and 24.7 million in a “high” scenario from a base level of 188 million in 2019.

In comparison to the 2008-9 global financial crisis, the effect on job losses could now be higher by about three million jobs from the 22 million registered in 2008/9.

How is Africa suffering from US-China trade wars?

During the 2008/9 crisis, Africa largely weathered the impact of the crisis but suffered lower commodity prices, trade volumes, remittances, and foreign direct investment. The financial contagion hit both developed and developing countries by shaving off about  5–7 per cent of GDP which was worth two to three years of growth in rich countries. In …