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

Author

Listed:
  • Phu Huynh
  • Kee Beom Kim
  • Gyorgy Sziraczki

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. [ADBI Working Paper 243]

Suggested Citation

  • Phu Huynh & Kee Beom Kim & Gyorgy Sziraczki, 2010. "Impacts of Current Global Economic Crisis on Asia’s Labor Market," Working Papers id:3137, eSocialSciences.
  • Handle: RePEc:ess:wpaper:id:3137
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    Citations

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    Cited by:

    1. Sushobhan Mahata & Rohan Kanti Khan & Ranjanendra Narayan Nag, 2020. "Economic Recession, Informal Sector and Skilled–Unskilled Wage Disparity in a Developing Economy: A Trade-Theoretical Analysis," Foreign Trade Review, , vol. 55(2), pages 168-188, May.
    2. repec:ilo:ilowps:466165 is not listed on IDEAS
    3. Forbes, Kinisha., 2011. "Inequality in crisis and recovery : revealing the divides: the case of the Republic of Korea," ILO Working Papers 994661653402676, International Labour Organization.

    More about this item

    Keywords

    labor; market; global; economic; Asia;
    All these keywords.

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