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As much as 25 million workers are running the risk of being unemployed due to COVID-19 pandemics (Photo: Modern diplomacy)

In a fresh study, the International Labor Organization (ILO) warned that the economic and labor crisis sparked by the spread of the new coronavirus, which has now killed more than 10,000 people worldwide, will have "far-reaching impacts on labor market outcomes".

"This is no longer only a global health crisis, it is also a major labor market and economic crisis that is having a huge impact on people," ILO chief Guy Ryder said in a statement.

The UN agency's study suggested the world should prepare to see a "significant rise in unemployment and underemployment in the wake of the virus."

"By comparison, the 2008-9 global financial crisis increased global unemployment by 22 million," the ILO said.

It warned that "underemployment is also expected to increase on a large scale, as the economic consequences of the virus outbreak translate into reductions in working hours and wages."

$3.4 trillion in lost income?

Self-employment in developing countries, which often serves to cushion the impact of economic shifts, might not do so this time due to the severe restrictions being placed on the movement of people and goods.

Reductions in access to work will also mean "large income losses for workers," ILO said.

"The study estimates these as being between $860 billion and $3.4 trillion by the end of 2020," it said, warning that "this will translate into falls in consumption of goods and services, in turn affecting the prospects for businesses and economies."

The number of people who live in poverty despite holding one or more jobs will also increase significantly, the study said, estimating that between 8.8 and 35 million more people will be added to the ranks of the working poor.

"The strain on incomes resulting from the decline in economic activity will devastate workers close to or below the poverty line," it said.

The ILO recommended urgent, large-scale, and coordinated measures that protect workers in the workplace, stimulate the economy and employment, and support jobs and incomes. It also proposed fiscal and monetary policy measures, and lending and financial support for specific economic sectors.

The agency pointed out that some groups will be disproportionately impacted by the jobs crisis, including youth, older workers, women and migrants, in a way that could increase already soaring inequality.

The novel virus which emerged in Wuhan, China last December has now spread to at least 164 countries and territories worldwide, with Europe as its epicenter, according to World Health Organization.

With a global death toll of over 10,000, the pandemic has brought major cities across the world to a standstill sending stocks plunging and businesses facing huge losses.

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