GENEVA: The U.N. labor agency warned Wednesday that the coronavirus pandemic has led to a massive drop in income for workers around the world and of rising inequality between rich countries that have injected government cash into their economies and poorer countries that cant.
In a report about the effects of the pandemic on the world of work, the International Labor Organization estimated that global labor income plunged by $3.5 trillion in the first nine months of 2020, a near-11% drop from a year ago though that excludes income support provided by some governments. Lower-income countries and those in the Americas were particularly hit.
The ILO said the fiscal stimulus packages have been concentrated in richer countries, and that developing countries have limited capacity to finance such measures. It added that…