COVID-19 and its Impact on Businesses, Workers and Employers

The COVID-19 pandemic is an unprecedented and growing global crisis with devastating health, economic and social impact in every country. It is plunging the world economy into a recession of historic dimensions. Many, if not most businesses, face the challenges of massive shifts in demand, supply chains, transportation and mobility and worker protection ¿ to name just some of the major topics before you. Workers too are facing shocks ¿ and so are consumers. The fear of becoming infected. The prospect of losing livelihoods. These and other severe vulnerabilities are being exacerbated by inadequate social protection coverage, which means that millions of people around the world are unable to access adequate medical care, or any social benefits. I understand that business leaders have a wealth of pressing concerns, yet I would like to put workers, and other ordinary people, at the core of your discussions today. The health of every business depends on both workers', and consumers', well-being.