Political leaders and heads of financial organizations on Wednesday took part in a virtual summit organized by the International Labour Organisation (ILO) to discuss the impact of Covid-19 on the economy and labor market.
Among the speakers was the United Nations Secretary-General Antonio Guterres, who said the road to economic recovery from the new coronavirus was “not a choice between health and jobs and the economy.”
“They are interlinked. We will either win on all fronts or fail on all fronts”, Guterres said.
Also speaking was Managing Director of the International Monetary Fund Kristalina Georgieva, who highlighted a recent report that “the world economy will contract by about 5 percent this year.”
“Nearly 95 percent of countries will likely be worse off in 2020 with lower per capita income than last year”, she said. Georgieva called on governments to invest in the digital world, saying “it will be critical to invest in digital skills and infrastructure”.
Roberto Azevêdo, Director-General of the World Trade Organization meanwhile called on government to work in close coordination in order to plan a strong recovery, “or we can risk long years of stagnation and anger to lay the foundation for a strong recovery”
The ILO summit will continue on July 9.
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