The continued sharp decline in working hours globally due to the COVID-19 outbreak means that 1.6 billion workers in the informal economy – that is nearly half of the global workforce – stand in immediate danger of having their livelihoods destroyed, warns the International Labour Organization.
lobal remittances are projected to decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown. The projected fall, which would be the sharpest decline in recent history, is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country.
governments have to revisit their policies on protecting MSMEs. The approach has to both protect and promote the sector. But there is a need to significantly change the MSME policy orientation, particularly with regard to manufacturing and production for the local markets.
Corona crisis can turn to be a blessing in disguise for the MSME sector if it can trigger revival and resurgence of small industries and businesses.