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More Than Half Of Workers Could Lose Their Job In 2020

Nearly two billion people, more than half of the world’s workforce, could lose their job or move into part-time work in 2020, according to a study by the Boston Consulting Group (BCG).

“It’s hard to overestimate the radical changes in the global workforce due to the crisis caused by the outbreak of COVID-19,” said the report. The International Labor Organization that global labor predicts income losses will reach $3.4 trillion this year, reports RT.

Over the coming two-three months, one of six people in the world will lose their jobs. The unemployment rate will exceed 17 percent, according to the research’s author. The BCG analysis demonstrates that, more than 80 percent of all layoffs in the world will likely occur in non-food retail sector, manufacturing, hotel, and restaurant business, tourism, and tourism, and construction.

“We expect that the world’s unemployment rate will start returning to balance by the end of 2020,” reads the report. “However, [the] pandemic has already launched the process of long-term structural changes – from flexible and remote work schemes to accelerated automation – and these changes will affect up to 1.5 billion jobs over the next decade.”

BCG predicts that by 2030, automation will put 12 percent of existing jobs at risk, and approximately 30 percent of jobs will require completely new skills.

More than 10 percent of the global workforce is highly likely to work remotely on a permanent basis, while, for office workers, the figure could reach 30 percent, according to the report.