The impact of the Ukraine crisis on the world of work: Initial assessments estimates that escalating hostilities would further affect the economy, causing employment losses to soar to seven million.However, if the fighting were to cease immediately, the International Labour Organization (ILO) study says that a rapid recovery could return 3.4 million jobs and reduce employment losses to 8.9 per cent.
The Ukrainian economy has been severely affected by Russian aggression. Since it began:➡️ Over 5.23M refugees have fled ➡️ Nearly 5M jobs have been lostHeinz Koller, @ilo Regional Director of Europe & Central Asia, presents our new brief takeaways ⤵️ https://t.co/xHDVWTaG1s pic.twitter.com/nFcD7Z8JqA— International Labour Organization (@ilo) May 11, 2022
Financially supporting refugees
Of the more than 5.23 million mostly women and children who have fled Ukraine to neighbouring countries, approximately 2.75 million are of working age – 43.5 per cent, or 1.2 million, of whom had previously held jobs.
In response to the disruption, Ukraine has made considerable efforts to keep the national social protection system operational by guaranteeing payment benefits, including to internally displaced persons, through digital technologies.
The Ukraine crisis also threatens labour disruptions in neighbouring States – mainly Hungary, Moldova, Poland, Romania, and Slovakia – as continued hostilities threaten to force the refugees into longer exiles, further pressuring labour markets and social protection systems, and increasing unemployment.
The economic and employment disturbances are having significant ripple effects on Central Asia, especially countries depending on remittances from Russia, such as Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan.
These States are among the top ten countries of origin for migrants in Russia, many of whom send significant shares of remittances back to their home nations.
If hostilities and sanctions against Russia lead to job losses for migrant workers, they may return back to their countries, severely triggering economic losses throughout Central Asia as a whole.
Russia’s aggression also creates a shock to …