Firms struggle to stay afloat after losing half of sales, but still keep workers

Firms and workers in every part of the world have been affected by the COVID-19 shock. The simone_d._mccourtie_world_bank_turkey_2009-1000ILO estimates global labor income has declined nearly 11% or US$3.5 trillion in the first three quarters of 2020. As a result of income losses, our colleagues in the World Bank estimate that as many as 150 million people could be pushed into extreme poverty by 2021. Without timely assistance and swift policy action, otherwise healthy firms will be shuttered permanently, and people will suffer longer.

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