4.8 million jobs have been lost in Ukraine since the Russian invasion, according to a report released Wednesday by the United Nations’ International Labor Organization (ILO). This represents about 30% of the total number of jobs in the country. According to the organization, this could rise to seven million. However, if the war ends immediately, 3.4 million jobs could be saved.
To say that the Ukrainian economy is suffering from the war with Russia is an understatement. Economic institutions such as the International Monetary Fund (IMF), the World Bank and the European Bank for Reconstruction and Development forecast that the Eastern European country’s economy will shrink by 30-45% this year. . So far, the country has lost hundreds of billions in the war.
Employment is also suffering from Russian aggression. More than five million people have fled abroad since the February 24 raid. 1.2 million of these refugees worked and had to give up their jobs to flee the country. In addition, many other jobs have been lost because companies have been attacked or had to cease operations for other reasons.
A total of 4.8 million jobs have already been lost in just over two months, according to the ILO. If the war lasts a long time, this could represent up to seven million lost jobs. That’s 43.5% of pre-war jobs. If hostilities were to end today, 3.4 million jobs could be saved, bringing the loss to 8.9%.
Neighboring countries and the rest of the world are also affected by the crisis
The crisis may also lead to labor market disruptions in neighboring countries. The longer the war lasts, the longer Ukrainians have to stay, for example in Hungary, Poland or Moldova. This puts pressure on social security and the labor market in these countries, increasing the risk of unemployment.
Finally, the ILO warns that the war in Ukraine could also have an impact on the economies of other countries. The strong recovery after the corona crisis that has been observed in many Western countries will be partly offset by the effects of the war. This can lead to problems, especially in low- and middle-income countries, which have not yet fully recovered from the coronavirus crisis.
In other countries, the organization sees in particular the prices of foodstuffs rising for a long time, so that inflation will remain high for a long time. In April, it was 9.6% in our country, which is slightly lower than in March.