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Labour Hours Lost during the Pandemic -Prabhat Patnaik

-NetworkIdeas.org

The International Labour Organization (ILO) has for some months been bringing out a report that monitors the impact of the pandemic on the world economy, especially the labour-hours lost because of the lockdown and their ramifications. The statistics it provides are not compilations of official data from different countries; they are based on the ILO’s own estimates made with whatever information is available from these countries. One cannot say how accurate the figures are, but they are the only figures we have, and given the meticulousness with which they are estimated, and their approximate compatibility with other data we have, we can form judgements on their basis.

Labour hours lost are calculated from a certain baseline, which is the seasonally adjusted fourth quarter figures of 2019. Compared to this baseline the world economy as a whole witnessed a 5.6 per cent, 17.3 per cent, and 12.1 per cent loss in working hours respectively in the first three quarters of 2020. Taking the three quarters together the loss of labour-hours for the world economy was 11.7 per cent. Significantly, the losses for the first three quarters of 2020 for the South Asia region were 3.1, 27.3 and 18.2 per cent respectively. In fact after the region “Latin America and the Caribbean”, which was the worst hit among all the regions of the world, South Asia was the next worst-hit.

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