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According to a study by the ILO, employment losses, which accounted for about 30% of Ukraine's workforce before the invasion, might rise to seven million if hostilities persist.
If the war stopped immediately, the economy might recover quickly, with 3.4 million employees returning. According to the study, this would result in an 8.9% reduction in job losses.
The Ukrainian conflict might impair labor markets in neighboring countries such as Hungary, Moldova, Poland, Romania, and Slovakia.
If the fighting continues, Ukrainian refugees will be compelled to stay in exile for longer, placing further strain on the labor market and social support systems in these neighboring countries, as well as rising unemployment in many nations, the study says.
In addition, the assault in Ukraine has also thrown the world economy into a loop, making the recovery from the COVID-19 crisis much more difficult. This is expected to have an impact on employment and real earnings, as well as place more strain on social safety nets.
Picture Credits: Reuters
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