Nearly 5 million jobs lost in Ukraine as war pummels economy - ILO

Nearly 5 million jobs lost in Ukraine as war pummels economy - ILO
# 11 May 2022 18:25 (UTC +04:00)

Around 4.8 million jobs have been lost in Ukraine since the start of the Russian special operation in February, as the conflict shut down businesses, strangled exports, and drove millions to flee, the International Labour Organisation (ILO) said on Wednesday., APA reports citing CNN.

The job losses, which account for around 30% of Ukraine's workforce before the war, could climb to 7 million if hostilities continue, the ILO said in a study, adding that 3.4 million jobs could return rapidly in the event of a ceasefire.

The war could also drive unemployment in neighboring countries, hosting millions of refugees and hitting Central Asian economies as migrant workers in Russia lose their jobs and return home.

Russian forces have pounded Ukrainian cities in a war that has killed thousands, forced more than 5 million people - mainly women, children, and older people - to flee, and could cause Ukraine's economy to contract by at least one-third in 2022.

"Economic disruptions, combined with heavy internal displacement and flows of refugees, are causing large-scale losses in terms of employment and incomes," the study said.

"The Russian aggression in Ukraine has resulted in a devastating humanitarian crisis, triggering the fastest forced population movement since the Second World War," it said.

Neighboring countries such as Poland and Romania have absorbed the bulk of the refugees, an estimated 1.2 million of whom were working before the invasion.

A protracted conflict will put sustained pressure on labor markets and welfare systems in those countries, likely driving up unemployment, the study said.

"As a hypothetical exercise, adding these refugees to the number of unemployed would raise the unemployment rate in Poland from 3 percent to 5.3 percent," it said.

The war could also have a spillover effect on countries in Central Asia that are heavily dependent on remittances sent by migrants working in Russia.

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