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Economic Indicators

12 May 2022

ILO: Nearly 5 million Jobs Lost in Ukraine as War Pummels Economy

The Index Today

The International Labour Organisation (ILO) said on Wednesday, around 4.8 Million jobs have been lost in Ukraine since the start of the Russian invasion in February, as the conflict shut down businesses, strangled exports and drove millions to flee.

The ILO also mentioned in a study that the job losses, which account for around 30% of Ukraine's workforce before the invasion, could climb to 7 million if hostilities continue, adding that 3.4 million jobs could return rapidly in the event of a ceasefire.

The study said, "Economic disruptions, combined with heavy internal displacement and flows of refugees, are causing large-scale losses in terms of employment and incomes."

"The Russian aggression in Ukraine has resulted in a devastating humanitarian crisis, triggering the fastest forced population movement since the Second World War," it said.

Neighboring countries such as Poland and Romania have absorbed the bulk of the refugees, an estimated 1.2 million of whom were working prior to the invasion.

A protracted conflict will put sustained pressure on labour markets and welfare systems in those countries, likely driving up unemployment, the study said.

"As a hypothetical exercise, adding these refugees to the number of unemployed would raise the unemployment rate in Poland from 3 per cent to 5.3 per cent," it said.

©Photo: Sergey Ponomarev/The New York Times

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