The capitalists and the stock markets were breathing a sigh of relief as new economic figures showed a slowing of the rate of the decline in the world economy. However, none of the problems have been resolved and the inevitable uptick after the easing of lockdown will not alter the prospect of a deep economic, social and political crisis.

In a report released on 29 April, the ILO forecast that 1.6 billion workers in the informal sector will lose 60 percent of their income after one month of the crisis. In the worst-affected countries, poverty rates among informal workers will increase to 84 percent. As the crisis bites, workers in insecure work will face disaster.

The coronavirus pandemic has exposed the underlying contradictions of capitalism, triggering a deep crisis on the scale of the 1930s. There will be no rebound after the lockdown ends, but a prolonged economic depression.

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