The unprecedented disruption caused by the COVID-19 pandemic is a massive wake-up call to transform the way we tackle global challenges. The pandemic has revealed the frailty of our systems and our approach, which do not address the rapidly converging and exponentially complex nature of global issues.
COVID-19 has plunged the Global Economy into worst recession since World War II. According to the World Bank forecasts, the global economy will shrink by 5.2% this year.
COVID-19 IMPACT ON WORLD GDP GROWTH
Recession is EXPECTED ACROSS ALL QUARTERS OF 2020 with a 8.4% DIP Anticipated For Q2 2020.
IMPACT OF COVID-19 ON INFORMAL WORKERS – An estimated 2 billion people worldwide are toiling away in the informal sector. Between 2010 and 2016, informal work made up around 40% of GDP across Sub-Saharan Africa, Europe and Central Asia, and Latin America and the Caribbean. The World Bank estimates 50%-60% of workers are self-employed in Sub-Saharan Africa, South Asia, and East Asia and the Pacific. Informal workers on average have incomes 19% lower than formal workers and have limited savings and access to social benefits making them particularly vulnerable. In the one-third of Emerging Market and Developing Economies with the most pervasive informality, unemployment benefits, on average, are only available to less than 2.5% of the population. While countries around the globe have adopted programs in response to the COVID 19, it does not cover the informal sector.Conquering-COVID-19-Strategy-Exploration-for-Nepal