However, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008-2009, then the impact on global unemployment could be significantly lower. In addition, the note proposes fiscal and monetary policy measures, and lending and financial support for specific economic sectors. Different scenariosBased on different scenarios for the impact of Covid-19 on global GDP growth, the ILO estimates indicate a rise in global unemployment of between 5.3 million (“low” scenario) and 24.7 million (“high” scenario) from a base level of 188 million in 2019. By comparison, the 2008-2009 global financial crisis increased global unemployment by 22 million. “In 2008, the world presented a united front to address the consequences of the global financial crisis, and the worst was averted.

Source: Dhaka Tribune March 19, 2020 05:15 UTC