To fully cover the population with basic social insurance, low-income countries need to invest $77.9 billion annually in this area, which is approximately 15.9 percent of the GDP of these countries, reads the report of the International Labor Organization (ILO), Report informs.
Middle-income countries need to invest $362.9 billion (5.1 percent of GDP), and high-income countries - $750.8 billion (3.1 percent of GDP).
More than 4 billion people globally aren’t covered by social insurance amid the coronavirus crisis, according to the report.
In Europe and Central Asia, 84 percent of the population is covered by social insurance, the highest rate in the world. In America, this figure is 64.3 percent, in the Asia-Pacific region – 44 percent, in the Arab countries – 40 percent, and in Africa – 17 percent.