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April 30, 2020

Economic Outlook: Covid-19 puts 1.6 billion jobs at risk – Q1 company earnings ‘most watched in history’ say Goldman Sachs

By Paul Dennis

The Covid -19 pandemic has puts nearly half of the global workforce at risk of losing their livelihoods, according to the International Labour Organisation (ILO)

According to the IOL: 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.

At sector level the IOL says the hardest-hit include the 232m workforce in wholesale and retail, 111m in manufacturing, 51m in accommodation and food services, and 42m in real estate and other business activities.

According to the recent gender equality paper from the US National Bureau of Economic Research, women disproportionately occupy jobs in sectors most affected by physical distancing measures, and will likely be overwhelmingly impacted by school closures.

However, the paper notes a plausible positive long-term impact, as a shift towards flexible work arrangements or childcare norms, may result in positive long run impacts on gender equality.

With Q1 earnings season in full swing, Matt Gibson, co-head of Goldman Sachs Global Investment Banking Services, has said that preparing for the earnings calls has become much more a management and board undertaking on how to tell a particular company’s story through this crisis.

Many say this is the most watched earnings season in history, according to Gibson.

In an audio released by the investment bank, Gibson says that some of the key conversations happening around boardrooms concern capital allocation, dividends, share repurchases, management compensations, outlooks for the business as well as how best to deal with governments.


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