The economic consequences of the COVID-19 pandemic are enormous and have led to unprecedented economic shocks that are directly felt by households worldwide. According to the ILO, ca. 94 % of the worldwide labour force lives and works in countries that are affected by company closures. The economic crisis will account for a loss of working hours equivalent to 305 million full-time employees.
In the Southern and Eastern Mediterranean, the economic consequences of the COVID-19 pandemic threaten to undo years of economic development.