The Coronavirus pandemic has potentially, serious implications for the global economy.
Recently, Apple revised its revenue guidance, due to a slowdown at manufacturing sites in China as well as reduced demand by Chinese consumers.
Whenever, there is crisis, it fall hardest on the vulnerable. When it comes to the novel Coronavirus, young people are more likely to feel the pinch harder.
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Since the outbreak of the pandemic, government around the world are implementing various fiscal measures to mitigate the adverse effects and provide relief to businesses and households.
In the United States, over 5.2 million more of Americans sought unemployment benefits for last weeks alone, with the overall total since the pandemic hitting 20 million, which would underscore the deepening economic slump caused by the pandemic.
READ ALSO : Ghana records 2169 Covid-19 cases, death toll now at 18
The world has been hit negatively in various sectors of the economy by this pandemic and for this reason, Commonwealth Youth Council has found it necessary to form a webinar to address the impact of COVID-19 on young people and also how the pandemic is worsening youth unemployment.
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The United Nations Labour Agency and International Labour Organization (ILO) reveals that the world’s unemployment rate already stands at 190 million and even now the latest sombre evaluation reflects that full or partial lockdown measures affecting almost 2.7 billion workers that is four in five of the world’s workforce.
COVID-19’s rapidly intensifying economic effects on world work looks set to be far worse than the 2008-2009 financial crisis with cutbacks equivalent to nearly 200 million full-time workers in the next three months alone.
However, the impact is not the same for all types of workers. The downturn is particularly harsh for younger workers and those in more precarious types of employment such as the gig economy. Wistfully, the workers that allow them to work from home are being attacked by criminals and hackers who are
exploiting this situation. There has been a significant rise in coronavirus- themed malicious websites, with more than 16,000 new coronavirus-related domains registered since January 2020.
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Hackers are selling malware and hacking tools through COVID-19 discount codes on the darknet, many of which are aimed at accessing corporate data from home workers’ laptops and young people are at risk for terrorist
recruitment during these times.
More young people are at risk of losing their jobs during and after the Covid-19 pandemic unemployment could go as high as 16% amid coronavirus as low-income earners worst hit.
Covid-19 wrecking employment in service industries which women and the young depend on for jobs. Lower-income earners are twice as likely to have their jobs taken from them by measures to combat the coronavirus than those on higher pay and Covid-19 restrictions are adversely affecting employment in a range of service industries which women and the young depend on for jobs especially due to spatial distancing measures.
The discussion was held on zoom virtual app under the topic ‘Human & Economic impact of Covid-19 on youth unemployment’, highlighting the problems that young people are facing as an employee or entrepreneur
and present opportunities that can connect these youth to during these trying times.
The discussion was hosted by Miss Abena Dugan, the Vice Chair for Partnership and Resources at Commonwealth Youth Center. She is the official representative voice of more than 1.2 billion young people of the Commonwealth and with her personality makes her easy to relate to and always ready to explore new relationships and partnerships for the improvement of the Commonwealth.
Participating in the discussion was Mr. Elmaddin Mehdiyev who is the Director General of Islamic Cooperation Youth Forum Eurasian Regional Centre, Miss Adelaide Hirve, the Manager of ACP YPN and Secretary General of AU Youth Diaspora Initiative.
Also partaking in the discussion was Mr. Ahmed Benning, the Deputy Secretary General of Pan Africa Youth Union and Brad Olsen, a senior economist and infometrics and 2016 Queen’s Young Leader in New Zealand.
Speaking during the discussion, Miss Abena Dugan stated that most young people will be losing their jobs during and even after the Coronavirus pandemic with the International Labour Commission indicating that over 2000 young people might lose their jobs and there would be high rate of youth unemployment, and that’s why Commonwealth Youth Center [CYC[ saw the need to discet the need and the impact of the Coronavirus disease on youth unemployment.
Miss Adelaide Hirve recounted how the novel Coronavirus has worsened youth unemployment, stating that this has greatly affected the vulnerable in the society.
Watch the full discussion below
