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.

The IMF declared at the beginning of April that we have entered into “the worst economic downturn since the Great Depression”. Yesterday, their perspective was confirmed when figures released for the US showed a rate of 4.8 percent decline. Today, the figures are out showing a 3.8 percent contraction in one quarter in the Eurozone. The disastrous handling of the coronavirus pandemic sharpened an economic crisis that was already in the making.

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