Observer Report
Islamabad
Over 125 million peoples were unemployed during the second quarter of this year due to loss of working hours and lockdowns in Asia, International Labor Organization (ILO) reported.
The report predicted that unemployment in the euro zones expected to rise from 7.4 percent to 9 percent.
The industries that are on more risk include hotels, restaurants, manufacturing, wholesale and trade industries and it contain almost 38% of the total industrial structure of the economy, report added.
Unemployment in developing countries could rise to alarming levels due to COVID 19 and its effects would be felt for many years, it said adding it would affect the entire world, particularly affect the phile pace of economic growth in most Asian countries.
The National Productivity Organization (NPO) is working to take steps to continue the development of productivity capabilities in Pakistan amid uncertain periods of pandemics such as COVID 19, it added
Asian Productivity Organization (APO), with the support and cooperation of Japan, is working to reduce the effects of pandemics around the world. It has been conducting online sessions and reports are being prepared in collaboration with experts to combat the effects of COVID19.
The corona virus has also affected global markets and petroleum products in the first three months of 2020, according to the report. Global demand is expected to fall by 435,000 barrels per day compared to a year ago, said a report.