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Total global worker income for the first three quarters of 2020 is estimated to have decreased by 10.7% compared to the same period in 2019. The International Labour Organization (ILO) notes that this percentage is equivalent to US$3.5 trillion, or 5.5% of the Q1-Q3 GDP of the previous year.
By region, the Americas experienced the largest reduction, at 12.1%. Africa, Europe and Central Asia, and the Arab States each experienced reductions of approximately 10%. Meanwhile, workers in the Asia-Pacific region are predicted to have experienced a 9.9% loss of income.
According to the ILO, this loss of worker income is consistent with the reduction in working hours. During the second quarter of 2020, total global working hours decreased by 17.3%.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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