Covid 19 led lockdown and massive unemployment in whole world. Justify that unemployment is a great waste of human resource and has a determental impact on the Economy and the society.
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Answer:
International Labor Organization (ILO) estimated that globally more than 25 million jobs would be threatened due to the spread of corona virus. It is estimated that four out of five people (81%) in the global workforce of 3.3 billion are currently affected by full or partial workplace closure. The US, UK, Canada and most of the European and Asian countries have begun to register huge job losses leading to significant rise in unemployment rate. The ILO in its report ‘ILO Monitor 2nd edition: COVID-19 and the world of work’, describes COVID-19 as ‘worst global crisis since World War II’. The head of the International Monetary Fund (IMF) Kristalina Georgieva said the world faced the worst economic crisis since the Great Depression of the 1930s. There are high concerns for low-paid and low skilled informal workers in low and middle income countries, where the industries and services have high proportion of such informal workers, who account for 61% of the global workforce or 2 billion people and they lack any social protection. This sudden loss of livelihood would be horrifying for them.
According to the report of Centre for Monitoring Indian Economy (CMIE),only a little over one-fourth (27.7%) of the total working age population (15-59 years) of 1003 million, i.e. 285 million people were working in the week after the lockdown (the corresponding last figure before lockdown being 404 million. This shows that within the two-week period of lockdown, 119 million workers have lost their jobs. If we assume half of those who have lost their jobs are main or single earning family member of an average of 5-member family size (as per census 2011) households, around one-third (60 million households or 300 million people) of India’s people or households, could be facing a severe livelihood crisis and around 227 million households are in despair. The CMIE report shows a significant fall in jobs and simultaneous significant increase in unemployment rate in March 2020. The unemployment rate stands at 8.7% in March 2020, which is way higher than government unemployment estimate at a 45-year high of 6.1% in 2017-18. This is the highest unemployment rate since September 2016. The unemployed people have also gone up from 32 million to 38 million during the same period. The situation became further worse as we moved into the lockdown period in the last week of March and the unemployment rate soared to 23.8%.
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