Eighth edition of the ILO Global Monitor: COVID-19 and the world of work

The report gives a global overview of how countries are grappling with the recovery, eighteen months into the crisis. Based on new data, it provides a detailed picture of the different recovery trends between developed and developing countries. It also analyses the impact of vaccination rates on labour market by region, and the distortions the COVID-19 crisis is having on productivity and enterprises.

The loss of working hours in 2021 because of the pandemic will be significantly higher than previously estimated, as a two-speed recovery between developed and developing nations threatens the global economy as a whole. The ILO is now projecting that global hours worked in 2021 will be 4.3 per cent below pre-pandemic levels (the fourth quarter of 2019), the equivalent of 125 million full-time jobs.  This represents a dramatic revision of the ILO’s June projection of 3.5 per cent or 100 million full-time jobs.

Estimates indicate that for each 14 persons fully vaccinated in the second quarter of 2021, one full-time equivalent job was added to the global labour market. This substantially boosted the recovery.

Globally, losses in hours worked – in the absence of any vaccines – would have stood at 6.0 per cent in the second quarter of 2021, rather than the 4.8 per cent actually recorded. However, the highly uneven roll-out of vaccinations means that the positive effect was largest in high-income countries, negligible in lower-middle-income countries and almost zero in low-income countries.

Eighth edition of the ILO Global Monitor: COVID-19 and the world of work: ILO Monitor – Covid-19 and the world of work – 8th edition