New York(ANN)-The economic and labour crisis created by the new coronavirus pandemic could increase global unemployment by almost 25 million, according to a new report published yesterday by the UN’s International Labour Organization (ILO).

Rising unemployment mean large income losses for workers, ILO warned in the report showing workers stand to lose between $860 billion and $3.4 trillion by the end of 2020.

“This is no longer only a global health crisis, it is also a major labour market and economic crisis that is having a huge impact on people,” said ILO Director-General Guy Ryder.

“In 2008, the world presented a united front to address the consequences of the global financial crisis, and the worst was averted. We need that kind of leadership and resolve now,” he added.

ILO’s Director of Communications Martin Murphy shared an infographic from his official Twitter account showing the impact of predicted global crisis.

.@ilo preliminary assessment of the impact of #COVID2019 shows that up 25 million jobs could be lost this year as a result of the pandemic. But it doesn’t have to be that way.https://t.co/r7N96ugpGU pic.twitter.com/HvJysrFHQi

— Martin Murphy (@MartinMurphyILO) March 18, 2020

“… 25 million jobs could be lost this year as a result of the pandemic. But, it doesn’t have to be that way,” stated ILO’s Director of Communications Martin Murphy.

Last February, the data analysis firm predicted the new coronavirus outbreak will be worse for the global economy than the 2003 SARS epidemic.