Consequently, more businesses could permanently shut their doors and let employees go. There are about 850,000 fewer jobs now than a year ago, and the ranks of the long-term unemployed are increasing. Prolonged spells of unemployment could erode workers’ skills and make it more difficult for them to find a job.8 While new firms may be established and workers retrained, this will take time.
In the last 25 years the world has been profoundly transformed by rapid technological advancements, the globalization of trade and production processes, demographic trends and intense migration flows. By their very nature, these factors intrinsically spread beyond individual national borders and, therefore, require the support of renewed international and multilateral coordination. No single country can successfully conquer these challenges alone.