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Impacts of Current Global Economic Crisis on Asia's Labor Market

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Author Info

  • Huynh, Phu

    (Asian Development Bank Institute)

  • Kapsos, Steven

    (Asian Development Bank Institute)

  • Kim, Kee Beom

    (Asian Development Bank Institute)

  • Sziraczki, Gyorgy

    (Asian Development Bank Institute)

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    Abstract

    The paper investigates the labor market and social impacts of the global financial and economic crisis in Asia and the Pacific as well as national policy responses to the crisis. It draws on recent macroeconomic, trade, production, investment, and remittances data to assess the employment and social consequences of the crisis, including falling demand for labor, rising vulnerable and informal employment, and falling incomes and their related pressures on the working poor. The paper provides some projections of the impact on unemployment, vulnerable employment, working poverty, and labor productivity in the region in 2009. It demonstrates that labor market recovery is likely to lag behind output growth, based on the experience of Asian labor markets following the 1997 Asian financial crisis. The paper underscores some policy options that are likely to have positive outcomes toward generating employment and boosting aggregate demand, improving social protection and welfare on the basis of decent work principles, and promoting a sound and sustainable economic and labor market recovery.

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    File URL: http://www.adbi.org/files/2010.08.23.wp243.impacts.gec.asia.labor.market.pdf
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    Bibliographic Info

    Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 243.

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    Length: 39 pages
    Date of creation: 23 Aug 2010
    Date of revision:
    Handle: RePEc:ris:adbiwp:0243

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    Keywords: asian labor market; labor policies; global financial crisis;

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