Global labor income shrinks 3.5 bln USD in first three quarters

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The COVID-19 pandemic is taking a heavy toll on jobs across the world, with workers suffering a massive drop in earnings, according to a report released on Wednesday by the International Labor Organization (ILO).
In a fresh study, the ILO found that the global labor income shrank by 10.7 percent or 3.5 trillion U.S. dollars in the first three quarters of the year compared with the same period in 2019.
This figure does not include income support from the governments.
Labor income in low- and middle-income countries fell the most, by 15.1 percent. From a regional perspective, the Americas were the most affected, with a decrease of 12.1 percent.
According to the report, workers in developing countries and emerging economies, especially those in informal employment, were affected much more than in any previous crises.
The report holds that fiscal stimulus may effectively mitigate the labor market disruptions.

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