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Thursday, June 20, 2024

Businessman Hamada Elsaeed Highlights the Impact of COVID-19 on Labor Market Outcomes

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 Poverty is one of the hazardous social phenomena in myriad societies, especially in light of the widespread of  COVID-19, which has led to a severe global economic crisis and a noticeable rise in poverty rates.

 In this context, businessman Hamada Elsaeed ascertained that 
the COVID-19 pandemic is having a catastrophic outcome on working hours and earnings, globally. It has led to devastating losses in jobs and income around the world, affecting millions of people and threatening them with hunger and poverty.

 In addition, Hamada pointed to a significant decline in working hours and average wages, which reflected tremendously on the norm of living of a vast number of families.

 On the other hand,  Hamada explained that the world is witnessing a startling decline in investment rates as a result of the global economic recession.  This decline contributed chiefly to depriving people of millions of job vacancies and widening the gap between the different classes of society.

 Hamada also pointed out that countries are trying to follow varied economic policies to stop the deterioration occurring, and reverse the course of the severe setback suffered by the development field, which may result in a required decrease in the severity of poverty.

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