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ILO: Pandemic dwarfs global financial crisis

The U.N. labor agency estimated job losses in 2020 due to the pandemic were quadruple those during the 2008-2009 global financial crisis.

Boarded up U.S. shops in Maui, Hawaii during the COVID-19 pandemic
Boarded up U.S. shops in Maui, Hawaii during the COVID-19 pandemic (AN/Michael Paul Johnson)

GENEVA (AN) — The U.N. labor agency estimated on Monday that job losses in 2020 due to the coronavirus pandemic were four times greater than those during the 2008-2009 global financial crisis.

The equivalent of 255 million full-time jobs were lost last year, according to a new report from the Geneva-based International Labor Organization. Those represent 8.8% of all work hours worldwide. ILO said they vanished due to lockdown restrictions that governments imposed on businesses and citizens.

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