Datastream
One Year In: How the Pandemic Impacted Employment Around the World
The Briefing
- The global pandemic had a significant impact on average working hours across the globe
- In 2020, 8.8% of global working hours were lost compared to Q4’2019
- The amount of working hours lost in 2020 is equal to 255 million full-time jobs
How the Pandemic Impacted Employment Around the World
One year in, the global pandemic has impacted employment and changed the nature of work in a multitude of ways.
As job loss rose across the globe, many countries introduced job retention schemes to steady unemployment rates. At the same time, working hours for many who held on to their jobs were reduced.
To put it in perspective, COVID-19’s negative impact on working hours globally has been around 4x more than that caused by the Global Financial Crisis in 2009.
Working Hard or Hardly Working?
As of January 2021, an estimated 93% of the world’s workforce lives in a country with some type of workplace closure restrictions still in place.
While profits were slashed across many industries, a majority of companies actually avoided firing people. However, 64% of firms either reduced wages, hours, or furloughed workers temporarily.
Compared to Q4’2019, total global working hours were reduced 8.8% in 2020. This is equivalent to approximately 255 million jobs.
Here’s a look at the working hour losses in a number of different countries.
| Country | 2020 Work Hour Losses Compared to Q4'2019 |
|---|---|
| Peru | 27.5% |
| Honduras | 24.3% |
| Panama | 23.5% |
| Argentina | 21.0% |
| Colombia | 20.9% |
| Bolivia | 20.5% |
| El Salvador | 19.4% |
| Ecuador | 17.6% |
| Costa Rica | 17.5% |
| Nepal | 17.4% |
| Armenia | 16.8% |
| Chile | 16.7% |
| Guatemala | 16.4% |
| Kuwait | 16.4% |
| Dominican Republic | 15.5% |
| Brazil | 14.9% |
| Bahamas | 14.8% |
| Eritrea | 14.7% |
| Turkey | 14.7% |
| Cyprus | 14.6% |
| Azerbaijan | 14.1% |
| Morocco | 14.1% |
| North Macedonia | 13.8% |
| India | 13.7% |
| Venezuela | 13.7% |
| Philippines | 13.6% |
| South Africa | 13.6% |
| Italy | 13.5% |
| Myanmar | 13.4% |
| Portugal | 13.4% |
| Cape Verde | 13.3% |
| Spain | 13.2% |
| Georgia | 13.1% |
| Oman | 13.1% |
| United States Virgin Islands | 13.0% |
| Moldova | 12.9% |
| Slovakia | 12.8% |
| United Kingdom | 12.8% |
| Greece | 12.6% |
| Cuba | 12.5% |
| Guyana | 12.5% |
| Ireland | 12.5% |
| Mexico | 12.5% |
| Bangladesh | 12.2% |
| Uganda | 12.2% |
| Bhutan | 11.9% |
| Suriname | 11.8% |
| Kyrgyzstan | 11.7% |
| Algeria | 11.6% |
| Kazakhstan | 11.5% |
| Maldives | 11.4% |
| Paraguay | 11.4% |
| Jamaica | 11.3% |
| Trinidad and Tobago | 11.3% |
| Uruguay | 11.2% |
| Belize | 11.1% |
| Malaysia | 11.1% |
| Iraq | 10.8% |
| Malta | 10.6% |
| Austria | 10.5% |
| Barbados | 10.4% |
| Jordan | 10.4% |
| Lebanon | 10.3% |
| Eswatini | 9.9% |
| Sri Lanka | 9.9% |
| Saint Lucia | 9.8% |
| Bosnia and Herzegovina | 9.7% |
| Guam | 9.6% |
| Egypt | 9.5% |
| Ethiopia | 9.5% |
| Kenya | 9.5% |
| Qatar | 9.5% |
| Rwanda | 9.4% |
| Canada | 9.3% |
| Congo | 9.3% |
| Libya | 9.3% |
| Saint Vincent and the Grenadines | 9.3% |
| United Arab Emirates | 9.3% |
| Israel | 9.2% |
| Pakistan | 9.2% |
| United States | 9.2% |
| Sudan | 9.1% |
| Zimbabwe | 9.1% |
| Bahrain | 9.0% |
| Liberia | 9.0% |
| Guinea-Bissau | 8.9% |
| Nigeria | 8.9% |
| Sao Tome and Principe | 8.9% |
| Romania | 8.8% |
| Ukraine | 8.8% |
| South Sudan | 8.7% |
| Angola | 8.6% |
| Hong Kong | 8.6% |
| Puerto Rico | 8.6% |
| Equatorial Guinea | 8.5% |
| Russia | 8.5% |
| Uzbekistan | 8.5% |
| Chad | 8.4% |
| France | 8.4% |
| Gabon | 8.3% |
| Saudi Arabia | 8.3% |
| Indonesia | 8.2% |
| Western Sahara | 8.2% |
| Slovenia | 8.0% |
| Montenegro | 7.8% |
| Singapore | 7.8% |
| Syria | 7.8% |
| Gambia | 7.7% |
| Guinea | 7.6% |
| Haiti | 7.6% |
| Serbia | 7.5% |
| Lesotho | 7.4% |
| Tonga | 7.4% |
| Belgium | 7.3% |
| Comoros | 7.1% |
| Madagascar | 6.9% |
| Djibouti | 6.8% |
| Mauritius | 6.7% |
| Democratic Republic of the Congo | 6.6% |
| Afghanistan | 6.5% |
| Botswana | 6.4% |
| Fiji | 6.3% |
| Germany | 6.3% |
| Iceland | 6.3% |
| Senegal | 6.3% |
| Lithuania | 6.1% |
| Bulgaria | 6.0% |
| Tunisia | 6.0% |
| Channel Islands | 5.9% |
| Iran | 5.9% |
| Namibia | 5.9% |
| French Polynesia | 5.7% |
| Croatia | 5.5% |
| Japan | 5.4% |
| Mauritania | 5.3% |
| Vanuatu | 5.3% |
| Hungary | 5.2% |
| Mozambique | 5.2% |
| Sweden | 5.2% |
| Vietnam | 5.2% |
| Malawi | 5.1% |
| Central African Republic | 5.0% |
| Togo | 4.9% |
| Cambodia | 4.8% |
| Samoa | 4.8% |
| Australia | 4.7% |
| Ghana | 4.7% |
| Estonia | 4.5% |
| Thailand | 4.5% |
| Brunei Darussalam | 4.4% |
| North Korea | 4.4% |
| Czech Republic | 4.3% |
| Laos | 4.3% |
| Netherlands | 4.3% |
| Cameroon | 4.2% |
| Côte d'Ivoire | 4.2% |
| China | 4.1% |
| Albania | 3.9% |
| Taiwan | 3.9% |
| Sierra Leone | 3.8% |
| Switzerland | 3.8% |
| Turkmenistan | 3.8% |
| South Korea | 3.7% |
| Luxembourg | 3.7% |
| Nicaragua | 3.7% |
| New Caledonia | 3.5% |
| Poland | 3.5% |
| Denmark | 3.3% |
| Latvia | 3.3% |
| Mali | 3.3% |
| Benin | 3.2% |
| Tajikistan | 3.2% |
| Timor-Leste | 2.7% |
| Burkina Faso | 2.6% |
| Zambia | 2.6% |
| Mongolia | 2.5% |
| Norway | 2.5% |
| Somalia | 2.5% |
| Macau | 1.9% |
| Papua New Guinea | 1.8% |
| Solomon Islands | 1.8% |
| Tanzania | 1.8% |
| Belarus | 1.3% |
| Finland | 1.3% |
| Yemen | 1.3% |
| Niger | 1.1% |
| New Zealand | 0.8% |
| Burundi | -0.1% |
The loss of working hours has impacted Southern Europe, South Asia, the Americas, and the Caribbean most significantly. Not surprisingly, these regions are all heavily reliant on tourism and hospitality to fuel their economies.
Job Losses and the Future of Work
Working hour losses, however, do not just come from reductions in hours. The ILO approximates that the blame for working hour losses can be shared equally, with around half due to job losses and half due to a reduction in working hours.
Worldwide employment losses in 2020 were equal to 114 million jobs.
However, a large number of people have notably been deemed ‘inactive,’ rather than unemployed, reducing the global labor force participation rate overall.
Although a rebound in working hours and jobs is expected in 2021, the pandemic’s effects on how we work, and the kinds jobs that are available will have a deeper long-term effect on the global labor force participation.
» Want to learn more? Check out our COVID-19 information hub to help put the past year into perspective
Where does this data come from?
Source: ILO
Details: The source defines workers as individuals aged 15-64. Full time jobs are defined using a 40 hour or 48 hour work week depending on the country. Additionally, the ILO used a multitude of national data sources on unemployment, furlough schemes, etc. to calculate working hour losses. Their methodology can be explored further here.
Datastream
Top 20 Countries With the Most Ultra-Wealthy Individuals
Developing countries are creating wealth like never before, but the majority of the world’s ultra-wealthy people still live in the United States.
The Briefing
- According to Credit Suisse, there are now 218,200 people globally with assets over $50 million.
- The majority (53%) of the world’s ultra-wealthy people live in the U.S.
Top 20 Countries With the Most Ultra-Wealthy Individuals
New data from the Credit Suisse Global Wealth Report shows that there was an “explosion of wealth” last year.
The global population of ultra-high net worth individuals (UHNWIs) grew by 46,000 to a record of 218,200. The report notes that UHNWIs benefited from a surge in the value of financial assets last year.
These increases are more than double the increases recorded in any other year this century. – Global Wealth Report 2022
The majority of ultra-wealthy individuals already reside in the United States, but 2021 saw a staggering increase of 30,470 people bring added to this exclusive ultra-wealthy category in the country.
| Country/region | Net Worth of $50–$100M | Net Worth of $100M–$500M | Net Worth of $500M+ |
|---|---|---|---|
| 🇺🇸 United States | 103,669 | 35,740 | 1,726 |
| 🇨🇳 China | 20,013 | 11,411 | 1,282 |
| 🇩🇪 Germany | 6,052 | 3,354 | 318 |
| 🇨🇦 Canada | 3,472 | 1,912 | 123 |
| 🇮🇳 India | 3,024 | 1,750 | 210 |
| 🇯🇵 Japan | 3,373 | 1,411 | 88 |
| 🇫🇷 France | 3,237 | 1,314 | 85 |
| 🇦🇺 Australia | 2,947 | 1,576 | 109 |
| 🇬🇧 United Kingdom | 2,787 | 1,278 | 110 |
| 🇮🇹 Italy | 2,574 | 1,253 | 103 |
| 🇰🇷 South Korea | 2,450 | 1,319 | 117 |
| 🇷🇺 Russia | 2,134 | 1,488 | 253 |
| 🇨🇭 Switzerland | 2,115 | 987 | 92 |
| 🇭🇰 Hong Kong SAR | 1,790 | 1,139 | 127 |
| 🇸🇪 Sweden | 1,866 | 1,019 | 76 |
| 🇹🇼 Taiwan | 1,874 | 912 | 93 |
| 🇪🇸 Spain | 1,509 | 666 | 51 |
| 🇧🇷 Brazil | 1,238 | 749 | 95 |
| 🇸🇬 Singapore | 974 | 570 | 73 |
| 🇳🇱 Netherlands | 1,100 | 471 | 28 |
China and India will likely see their ultra-wealthy populations increase dramatically, but still have a long way to go before catching up to the United States.
The biggest increases, aside from the U.S., were China (5,200), Germany (1,750), Canada (1,610), and Australia (1,350).
Decreases in UHNWI populations were more rare, but did occur in a few cases. United Kingdom (-1,130), Turkey (-330), and Hong Kong SAR (-130) saw the biggest drops.
Where does this data come from?
Source: Credit Suisse Global Wealth Databook 2022
Data note: All amounts in USD
Datastream
Ranked: The Top Cyberattacks Against Businesses
Recent research provides insight into the top cyberattacks that businesses faced in 2021. See the results in this infographic.
Ranked: The Top Cyberattacks Against Businesses
Cyberattacks hit a record high in 2021, continuing the momentum that had developed during the COVID-19 pandemic. One reason for this increase is the shift to remote work, which has opened up new vulnerabilities. Home networks are typically less secure, and the rapid rise in the use of online services means security is falling behind.
In this graphic sponsored by Global X ETFs, we’ve visualized survey results showing the 10 most successful types of cyberattacks in 2021.
The Results
These results are from a 2021 whitepaper by Osterman Research, a market research firm focused on cybersecurity. They surveyed 130 cybersecurity professionals from mid and large-sized organizations to see which types of attacks were the most prominent.
| Type of Attack | Percentage of respondents (%) |
|---|---|
| Business email attack was successful in tricking a lower-level employee | 53% |
| Phishing message resulted in a malware infection | 49% |
| Phishing message resulted in an account being compromised | 47% |
| Domain name was spoofed to perpetrate phishing campaigns | 38% |
| Ransomware was detected before it could be activated | 34% |
| Business email attack was successful in tricking a senior executive | 28% |
| Domain name impersonation resulted in a third-party being compromised | 16% |
| Phishing message resulted in a ransomware infection | 14% |
| A ransomware attack was successfully launched | 10% |
| A ransomware attack rendered internal IT systems non-operational | 10% |
Source: Osterman Research (2021)
The report notes that these figures may be understated because organizations are likely to downplay their security incidents. Organizations may also lack the capability to detect all types of cyberattacks.
The Impact of Phishing Attacks
Phishing refers to an attack where the perpetrator pretends to be a trusted entity. These attacks can be carried out over email, text message (SMS), and even social media apps. The goal is often to trick the victim into opening a malicious link.
According to the whitepaper, opening malicious links can result in credential theft or ransomware infections. Credential theft is when attackers gain access to internal systems. This is incredibly dangerous, as it allows attackers to commit fraud, impersonate company officials, and steal data.
A powerful tool for preventing credential theft is multi-factor authentication (MFA). This method requires users to provide multiple verification factors to access a resource (instead of a single password).
The Threat of Ransomware
Ransomware is a type of cyberattack that involves blackmail, often for financial gain. For ransomware to be successfully planted, attackers must first gain access to a company’s networks.
Access can be gained through phishing, as discussed above, or alternate means such as compromised software updates. One such attack impacted over 57,000 Asus laptop owners in Russia after hackers created a malicious update tool on an official Asus server.
Cybercriminals have become increasingly ruthless in how ransomware attacks are executed.
– Osterman Research
Researchers have warned that ransomware attacks are becoming more dangerous and sophisticated. In addition to locking organizations out from core systems, hackers are also stealing data to increase their leverage. If a ransom is not paid, the stolen data may be published or even sold to the highest bidder.
Under Siege
The rising frequency and sophistication of cybercriminal activity is a major threat to the world.
According to the World Economic Forum’s 2022 Global Risks Report, ransomware attacks have increased by 435% since 2020. Furthermore, there is an estimated shortage of 3 million cybersecurity professionals worldwide.
To catch up, businesses and governments are expected to increase their spending on cybersecurity over the next several years.
The Global X Cybersecurity ETF is a passively managed solution that can be used to gain exposure to the rising adoption of cybersecurity technologies. Click the link to learn more.
-
Markets3 days agoVisualized: The World’s Population at 8 Billion
-
Money3 weeks agoCharting the Relationship Between Wealth and Happiness, by Country
-
Money2 weeks agoMapped: The World’s Billionaire Population, by Country
-
Money3 weeks agoMapped: A Snapshot of Wealth in Africa
-
Water2 weeks agoMapped: Countries With the Highest Flood Risk
-
Datastream5 days agoTop 20 Countries With the Most Ultra-Wealthy Individuals
-
Politics2 weeks agoMapped: Which Countries Still Have a Monarchy?
-
Markets1 week agoThe Biggest Tech Talent Hubs in the U.S. and Canada