Impacts of Current Global Economic Crisis on Asia's Labor Market
AbstractThe 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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Bibliographic InfoPaper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 243.
Length: 39 pages
Date of creation: 23 Aug 2010
Date of revision:
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asian labor market; labor policies; global financial crisis;
Find related papers by JEL classification:
- E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution
- I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
- J08 - Labor and Demographic Economics - - General - - - Labor Economics Policies
- J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-09-03 (All new papers)
- NEP-LAB-2010-09-03 (Labour Economics)
- NEP-MAC-2010-09-03 (Macroeconomics)
- NEP-SEA-2010-09-03 (South East Asia)
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