BANGKOK - Millions of jobs could be lost in South-east Asia as economies grind to a halt amid efforts to contain the coronavirus pandemic, wreaking havoc particularly in countries with weak social protection systems.. Read more at straitstimes.com.
BANGKOK - Millions of jobs could be lost in South-east Asia as economies grind to a halt amid efforts to contain the coronavirus pandemic, wreaking havoc particularly in countries with weak social protection systems.
"Millions of jobs are at stake for sure," Dr Hamza Ali Malik, director of Escap's macroeconomic policy and financing for development division told The Straits Times."It may take a while to see it in data." The Asia Development Bank, in a report issued on Friday , projected that growth in South-east Asia will decelerate from 4.4 per cent in 2019 to 1 per cent this year before rebounding to 4.7 per cent in 2021, partly because of the region's strong trade and investment ties with China. Based on the ADB's projections, Indonesia's growth is expected to shrink from 5 per cent last year to 2.5 per cent this year . Thailand is expected to slow to minus 4.8 per cent .
Already, several governments have rushed out programmes to support the masses of newly unemployed from sectors like tourism, hospitality and garment production.
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