Rising inequality will intensify social tensions and constrain consumption, posing a risk to economic recovery, says an observer.
First, unskilled workers will be hit harder than skilled workers.
This is because the former involves working with machines, while the latter involves directly serving people. Firms also have the option of substituting workers with machines and technology. Women are more likely to work in labour-intensive industries than men and also get paid lower average wages. The elderly are the most vulnerable to the epidemic, earning less than the working age population.
MSMEs might be unable to apply for liquidity support programs made available by the government or central bank.DAMPENING THE IMPACT Worsening income inequality can intensify social tensions and constrain consumption, and poses a risk to economic recovery. But the following policy measures can help dampen the devastating impact of COVID-19 on growth, poverty and income inequality in the Asia Pacific.
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