Southeast Asia lost 9.3 million jobs in 2021
A total of 9.3 million jobs disappeared in Southeast Asia (SEA) last year due to the COVID-19 pandemic, said Asian Development Bank (ADB).
In a report, ADB stated that about 4.7 million people in the region were pushed into extreme poverty at the height of the pandemic.
Currently, the region’s economic growth is at risk of decreasing by 0.8% due to the Omicron variant welcoming the new year. This affects the expected 10% Gross Domestic Product (GDP) increase by year-end.
ADB said that sectors most affected by this downwards shift would be the informal, retail, and unskilled employees, as well as small businesses without a digital presence.
However, growth prospects are more positive in countries with widespread technology adoption, resilient merchandise exports, or rich natural resources.
The report is urging SEA governments to invest more and help health systems deliver care, improve disease surveillance, and respond to future pandemics as this could increase labor participation and productivity — which, in turn, boosts economic growth.
Moreover, ADB calls on countries to strengthen their infrastructure reforms and boost competitiveness and productivity in their business communities.
Read more here.
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