UNITED NATIONS – The economic and labour crisis created by the coronavirus pandemic could destroy up to 25 million jobs around the world if governments do not act fast to shield workers from the impact, the International Labour Organization (ILO), a UN agency, said in a new assessment.
“However, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008-9, then the impact on global unemployment could be significantly lower,” ILO, which is based in Geneva, said.
The preliminary assessment report, COVID-19 and the world of work: Impacts and responses , called for urgent, large-scale and coordinated measures across three pillars: protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.
These measures include extending social protection, supporting employment retention (i.e. short-time work, paid leave, other subsidies), and financial and tax relief, including for micro, small and medium-sized enterprises. In addition, the note proposes fiscal and monetary policy measures, and lending and financial support for specific economic sectors.
Based on different scenarios for the impact of COVID-19 on global GDP growth, the ILO estimates indicate a rise in global unemployment of between 5.3 million (“low” scenario) and 24.7 million (“high” scenario) from a base level of 188 million in 2019. By comparison, the 2008-9 global financial crisis increased global unemployment by 22 million.
Underemployment is also expected to increase on a large scale, as the economic consequences of the virus outbreak translate into reductions in working hours and wages. Self-employment in developing countries, which often serves to cushion the impact of changes, may not do so this time because of restrictions on the movement of people (e.g. service providers) and goods.
Falls in employment also mean large income losses for workers. The study estimates these as being between USD 860 billion and USD 3.4 trillion by the end of 2020. This will translate into falls in consumption of goods and services, in turn affecting the prospects for businesses and economies.
Working poverty is expected to increase significantly too, as “the strain on incomes resulting from the decline in economic activity will devastate workers close to or below the poverty line”. The ILO estimates that between 8.8 and 35 million additional people will be in working poverty worldwide, compared to the original estimate for 2020 (which projected a decline of 14 million worldwide).
A total of 176 countries have been affected, over 9,300 people have died and nearly 230,000 infected by the disease as it spreads rapidly to new territories. The epicentre of the outbreak has now shifted from China to Europe, which is recording a rapid rise in new cases every day. A total of 86,254 people have also recovered from the illness.
Associated Press of Pakistan Corporation (APPC) - Pakistan's Premier News Agency
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 4, 2023 (Saturday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency | Symbol | Buying | Selling |
US Dollar | USD | 279.9 | 283.2 |
Euro | EUR | 300.98 | 301.58 |
UK Pound Sterling | GBP | 337.01 | 337.71 |
U.A.E Dirham | AED | 75.14 | 75.44 |
Saudi Riyal | SAR | 73.55 | 73.85 |
Australian Dollar | AUD | 189 | 192 |
Bahrain Dinar | BHD | 712.72 | 720.69 |
Canadian Dollar | CAD | 200 | 202.2 |
China Yuan | CNY | 39.67 | 39.73 |
Danish Krone | DKK | 39.33 | 39.73 |
Hong Kong Dollar | HKD | 34.19 | 34.54 |
Indian Rupee | INR | 3.28 | 3.39 |
Japanese Yen | JPY | 2.5 | 2.54 |
Kuwaiti Dinar | KWD | 878 | 887 |
Malaysian Ringgit | MYR | 62.83 | 63.43 |
New Zealand Dollar | NZD | 173.25 | 175.25 |
Norwegians Krone | NOK | 26.79 | 27.09 |
Omani Riyal | OMR | 696.08 | 704.08 |
Qatari Riyal | QAR | 73.62 | 74.32 |
Singapore Dollar | SGD | 204 | 206 |
Swedish Korona | SEK | 25.61 | 25.91 |
Swiss Franc | CHF | 291.69 | 294.19 |
Thai Bhat | THB | 8.15 | 8.30 |
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 205,200 on Saturday. The price of 10 grams of 24k gold was recorded at Rs175,930.
Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
City | Gold | Silver |
Lahore | PKR 205,200 | PKR 2,430 |
Karachi | PKR 205,200 | PKR 2,430 |
Islamabad | PKR 205,200 | PKR 2,430 |
Peshawar | PKR 205,200 | PKR 2,430 |
Quetta | PKR 205,200 | PKR 2,430 |
Sialkot | PKR 205,200 | PKR 2,430 |
Attock | PKR 205,200 | PKR 2,430 |
Gujranwala | PKR 205,200 | PKR 2,430 |
Jehlum | PKR 205,200 | PKR 2,430 |
Multan | PKR 205,200 | PKR 2,430 |
Bahawalpur | PKR 205,200 | PKR 2,430 |
Gujrat | PKR 205,200 | PKR 2,430 |
Nawabshah | PKR 205,200 | PKR 2,430 |
Chakwal | PKR 205,200 | PKR 2,430 |
Hyderabad | PKR 205,200 | PKR 2,430 |
Nowshehra | PKR 205,200 | PKR 2,430 |
Sargodha | PKR 205,200 | PKR 2,430 |
Faisalabad | PKR 205,200 | PKR 2,430 |
Mirpur | PKR 205,200 | PKR 2,430 |
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