The COVID-19 pandemic is devastating labor markets across the world. Tens of millions of workers lost their jobs, millions more out of the labor force altogether, and many occupations face an uncertain future. Social distancing measures threaten jobs requiring physical presence at the workplace or face-to-face interactions. Those unable to work remotely, unless deemed essential, face a significantly higher risk of reductions in hours or pay, temporary furloughs, or permanent layoffs. What types of jobs and workers are most at risk? Not surprisingly, the costs have fallen most heavily on those who are least able to bear them: the poor and the young in the lowest-paid jobs.
The 1971 Bretton Woods (BW) system collapse opened the way for financial globalization and transnational financialization. Before the 1980s, most economies had similar shares of trade and financial openness, but cross-border financial transactions have been increasingly unrelated to trade since then.
The issue of women’s rights, feminism and gender is complex and ongoing in most countries including Bangladesh. When I was asked to write about impact of COVID-19 on women and girls, I found myself drawn towards writing about women’s situation in general as that automatically impacts COVID-19 response as well. Since I am a woman who has been a part of many different cultures, yet a Bangali at heart, I am not only a survivor within its ranks but also responsible for being a part of the solution to the problems we face.
In his early February annual
State of the Union address, US President Donald Trump typically hailed his own policies for increasing wages and jobs to achieve record low US unemployment. Directly appealing to labour for a second term, Trump claimed exclusive credit for the US “blue-collar boom”.
The onset of the coronavirus pandemic in early 2020 set off a series of health and economic crises that feed upon each other. The health crisis exacerbates the economic crisis by disrupting supply chains, throwing large number of people (particularly those working in the informal sector) out of work and closing down large numbers of enterprises – particularly micro, small and medium enterprises (MSME).
Warnings at the early stages of the COVID-19 pandemic that Africa could be hit by a wave of up to 10 million cases within six months thankfully now seem unfounded, although it is still far too early to be over-confident.
Nazia has a herd of 5 cows. She has two daughters in secondary education, a seat on the Village Council, a savings account and a permanent home. Nazia has dignity, security and prospects beyond poverty. This is Nazia’s story because alongside her commitment and conviction to create a better life, she benefited directly from the UK government, and its global leadership in the drive to end extreme poverty.
The practical challenge of quickly getting financial support in the hands of people who lost jobs amid the COVID-19 economic crisis has baffled advanced and developing economies alike. Economic lockdowns, physical distancing measures, patchy social protection systems and, especially for low-income countries, the high level of informality, complicate the task. Many governments are leveraging mobile technology to help their citizens.
The world before COVID-19 looks very attractive right now. In light of the disease, mass unemployment and social distancing, a return to pre-pandemic normality seems appealing. Yet we should remember what normal was.
How often have you heard someone lamenting or even condemning inequality in society, concluding with an appeal to meritocracy? We like to think that if only the deserving, the smart ones, those we deem competent or capable, often meaning the ones who are more like us, were in charge, things would be better, or just fine.
The impact of COVID-19 lockdowns falls heavily on the shoulders of women even in the global north. Women take the brunt of housework and caretaking duties, homes schooling, working from home and perhaps looking after elderly parents, says Cherie Blair.
Prior to the onset of the coronavirus crisis South Asian women participated only sparingly in the labor market. Even though South Asia was and still has the potential to become one of the fastest growing regions in the world (post COVID19) female labor force participation rates were low at 23.6% compared to 80% for men (World Bank figures).
Even before Covid-19, the world was facing a care crisis. The plight of often neglected, under-appreciated, under-protected and poorly equipped ‘frontline’ health personnel working to contain the pandemic has drawn attention to the tip of the care crisis iceberg.
After a period of forced silence because of the Covid-19 quarantines, citizens around the world are defying coronavirus restrictions and
claiming the streets to fight for real democracy, jobs, living wages, public services, human rights and against corruption, inequality and injustice. We predict an increasing wave of protests all over the world led by different types of people defying the status quo. Unless policies change, clashes in the street are likely to become the new normal.
When countries shuttered their shops, closed their markets, and cordoned off places of gathering to help ward off the coronavirus, they did so out of immediate concern for the health and wellbeing of their citizens.
Do migrants willingly choose to flee their homes, or is migration the only option available?
There is no clear, one-size-fits-all explanation for a decision to migrate — a choice that will be made today by many people worldwide, and by an ever-rising number in years to come because of a lack of access to water, climate disasters, a health crisis and other problems.
Lockdowns have been the main measures to ‘flatten the curve’ of COVID-19 infections. But lockdowns typically incur huge economic costs, distributed unevenly in economies and societies. In fact, some
governments acknowledged that they were choosing ‘life over economy’.
‘Life vs. Economy’: A false dichotomy
As lockdowns have been repeatedly extended arguing that
economy can be revived but not the dead, it has become increasingly clear that ‘lives and livelihoods’ are intrinsically intertwined. The longer the lockdowns, higher is the risk of hunger and hence death.
Landless farmers who produce rice for the landlords of big “haciendas” can’t get more than a little pocket money from their harsh work—not enough to provide diverse and healthy food for their families. Seasonal workers on sugar-cane plantations know that they can count on only six months of earnings. When summer arrives, those whose irrigation facilities have been destroyed by typhoons, or those who never had any, struggle while waiting for the rain.
The world economic contraction so far this year is largely due to measures, especially at the national or local level, to contain or prevent Covid-19 contagion, particularly those restricting business operations, thus reducing economic activity, output, incomes and spending.
The COVID-19 pandemic is crippling the economies of rich and poor countries alike. Yet for many low-income and fragile states, the economic shock will be magnified by the loss of remittances—money sent home by migrant and guest workers employed in foreign countries.
By now, the impact of COVID19 on our daily lives has been well documented, especially in advanced economies. Anxiety about the future continues to grow everywhere. Much of the corporate news coverage we consume has focused on the toll this pandemic will take on mainland countries. Often neglected, however, is the unique position Pacific Island States find themselves in.