FT Global Boardroom – Rebuilding a global workforce

Sarayu Bacchu

Guy Ryder, Director General of the International Labour Organisation (ILO), gave a short presentation on his insights into how this pandemic has affected workers.

 

His main point was the fact that this pandemic has exposed the vulnerability of several workers.  Studies have shown that average incomes in the informal economy went down by 60% in Latin America and Africa, meaning large numbers of the global workforce have been thrust into poverty.

He also warned of another pandemic on the horizon – a hunger of huge proportions. In order to combat this, he emphasised the need for greater international cooperation. However, commitment to multinational action is at a low point currently, therefore international responses are limited, raising the question of where will the impetus come from?

Ryder said migration is here to stay, but it may suffer a hit in the short run. According to him, there could be less globalisation, but it depends highly on the policies implemented by different governments.

He also hinted at the potential of more state support in the future, something similar to the post-WW2 scenario, where many welfare states were created.

With 38 million Americans filing jobless claims over the last nine weeks, this pandemic has definitely impacted many workers severely. As lockdowns begin to be eased, we will have to wait and see how they begin to recover.