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Regional and Country Reports of the ASEAN Assessment on the Social Impact of the Global Financial Crisis

Author

Listed:
  • ASEAN Secretariat
  • World Bank

Abstract

The effects of the global economic slowdown on peoples' employment and earnings are at the core of its social impacts, manifested largely through increased job uncertainties and reduced worker earnings in crisis-affected sectors, as opposed to widespread open unemployment. The global economic slowdown has been transmitted to ASEAN economies through several channels, including decreased global demand for the member states' manufactured exports; declines in key commodity prices; lower levels of Foreign Direct Investment (FDI); fewer tourist arrivals; and reduced remittance receipts from overseas migrants. This has made policy makers keenly aware of the need to not only understand better the social consequences of economic volatility but also to strengthen social protection and labor market policies. This assessment of the social impact of the global financial crisis aims to support ASEAN's mission to strengthen the foundations for a region of lasting peace, security and stability, sustained economic growth, shared prosperity and social progress. The report provides a rapid assessment of the social impacts of the crisis and offers a stocktaking of the range of social protection measures adopted in ASEAN member states in response to the crisis and in the context of the pre-existing programs available. It also highlights a number of areas which deserve policy makers' attention, such as social impact monitoring, program monitoring and evaluation, targeting and program coverage, as well as institutional coordination.

Suggested Citation

  • ASEAN Secretariat & World Bank, 2010. "Regional and Country Reports of the ASEAN Assessment on the Social Impact of the Global Financial Crisis," World Bank Publications - Books, The World Bank Group, number 16689, December.
    • Handle: RePEc:wbk:wbpubs:16689
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    File URL: https://openknowledge.worldbank.org/bitstream/handle/10986/16689/835430ESW0whit0bal0Financial0Crisis.pdf?sequence=1
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    References listed on IDEAS

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    1. World Bank, "undated". "East Asia and Pacific Update, April 2009 : Battling the Forces of Global Recession," World Bank Publications - Reports 14684, The World Bank Group.
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    Cited by:

    1. Fernandez, Luisa & Velarde, Rashiel, 2012. "Who benefits from social assistance in the Philippines? Evidence from the latest national household surveys," Social Protection and Labor Policy and Technical Notes 69416, The World Bank.
    2. Joseph J. Capuno & Aleli D. Kraft & Stella A. Quimbo & Carlos Antonio, 2013. "Shocks to Philippine Households: incidence, idiosyncrasy, and impact," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 50(2), pages 1-27, December.
    3. Haughton, Jonathan & Jitsuchon, Somchai & Rukumnuaykit, Pungpond, 2013. "Responding to Recession: Evidence from Thailand," Conference papers 332411, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    4. World Bank, 2013. "From Universal Price Subsidies to Modern Social Assistance : The Political Economy of Reform," World Bank Publications - Reports 16723, The World Bank Group.

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