The epidemic puts Japan at risk of losing 3 million jobs

As a result of the novel coronavirus, 3 million 10 thousand workers could lose their jobs in Japan by March next year. A research institute said on Wednesday that the ongoing epidemic could have more devastating effects than the 2008-09 fiscal year. News Kyodo.

The Chubu Region Institute for Social and Economic Research, a Naga-based research institute in central Japan, says that if the worst-case scenario were to take control by the end of the year, 4.5 percent of Japanese workers would lose their jobs.
The financial crisis of 2009, which began with the Lehman Brothers disaster, saw Japan lose 950,000 jobs or 1.5 percent of the country's total workforce.
According to the research firm, the tourism sector, an important driving force of Japan's economy, is unlikely to recover by the end of the current fiscal year.
A maximum of 8 lakh 45 thousand workers will lose their jobs in the retail and wholesale sectors. Besides, 6 lakh 14 thousand and 5 lakh 89 thousand people will lose their jobs in manufacturing, hotel, and restaurant sectors respectively.

Riochi Namba, an economist at the institute, said the manufacturing sector was hit hard by the Lehman Brothers disaster. But this time all sectors have been affected. There is no sector where new jobs are being created. Japan's unemployment rate rose to a one-year high of 2.5 percent in March due to the negative effects of the global epidemic. Analysts fear the employment situation could worsen in the coming months.
Category and Tags
More stories by
Muhammad Yunus: A Compelling Contender for the 2023 Bangladesh Presidential Election

Bangladesh is in need of a president who can manage complicated issues while promoting a sustainable economy and social advancement as the country gears up for its presidential election in 2023. In this situation, Muhammad Yunus' candidacy stands out

Pathao receives authorization to offer payment services

The subsidiary is permitted by the license to provide payment services in Bangladesh under the trade name "Pathao Pay."The announcement that Pathao Pay would be granted a PSP license...

Apple will begin disbursing $500 million in the iPhone Slowdown Lawsuit.

The reimbursement for iPhone users who filed a class action lawsuit against Apple, claiming the company purposefully slowed down its older models to encourage customers to switch to the newest model, will now be made. As revealed la

Telegram's prohibition in Iraq is lifted after the messaging service complied with authorities

After blocking the chat app due to security concerns, Iraq's telecom ministry lifted the ban on Telegram over the weekend.According to a statement that was translated, the ministry said that the ban was lifted as a result of Telegram's "response of t

PayPal develops a dollar-backed stablecoin, raising its stock price.

PayPal announced the introduction of a US dollar stablecoin on Monday, making it the first major financial technology corporation to embrace digital currencies for payments and trans...

Follow Business Habit on Facebook, Twitter