How Countries are Performing on the Road to Recovery
The deep economic recession triggered by COVID-19 continues to have profound economic and social consequences. Since the outbreak of the pandemic, unemployment rates have rapidly increased in most developing and advanced economies, and poverty rates have begun to rise again, reversing the gains achieved over the past few decades. According to the latest estimates, the economic and health crisis triggered by COVID-19 is expected to push between 88 million and 115 million more people into extreme poverty in 2020. When looking at working hour losses experienced by the global economy, 245 million full-time jobs are expected to be lost globally by the end of 2020, which amounts to a loss of the productive capacity of 8.6% of the global workforce. The crisis has also revealed the inadequacies of existing infrastructure and policies, ranging from social protection systems to healthcare.