Coronavirus pandemic erased over 9 mn jobs in Southeast Asia, says ADB


The pandemic obliterated 9.3 million in as lockdowns hit the region’s traditional engines of growth such as hospitality and tourism, according to the .

This pushed 4.7 million people to extreme poverty last year, measured as living on less that $1.90 a day, the ADB said in a report Wednesday. Inequality also widened as movement restrictions hit hardest the retail and informal sectors, where women, young people and unskilled workers are typically employed.

“The pandemic’s impact on poverty and unemployment will likely persist as inactive workers become de-skilled and poor people’s access to opportunities further deteriorates,” the ADB said. “When this happens, the deterioration in inequality could transfer across generations.”

graph

Green shoots are emerging though, with close to 60% of Southeast Asia’s population vaccinated and public mobility rebounding. Gross domestic product is expected to grow 5.1% this year, though the omicron wave could slash this by as much as 0.8 percentage points.

Equipping small businesses with digital tools and providing skills training for displaced workers will ensure they’re not left behind in the “new normal” of work, the ADB said. Increasing health spending to 5% of GDP, from 3% in 2021, will also improve disease surveillance and add 1.5 percentage points to growth.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor





Read More: Coronavirus pandemic erased over 9 mn jobs in Southeast Asia, says ADB

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments