RIO DE JANEIRO, BRAZIL - According to the International Labor Organization (ILO), pandemic losses caused an 8.3% drop in labor income globally, before government aid measures were implemented. The decline is equivalent to US$3.7 trillion, or 4.4% of the world's Gross Domestic Product (GDP).
The organization examined the impact of the pandemic in six countries - Brazil, USA, Italy, Peru, UK and Vietnam - comparing the first and second quarter of 2020 with the second quarter of 2019 in terms of "income from work after assistance" (total income from work after the governments' implementation of aid measures). Workers . . .