Projected Increase in Unemployment in Asia Due to COVID-19

Employment

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Dwi Hadya Jayani 16/04/2020 14:43 WIB

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Nearly all Asian countries have experienced a rise in unemployment due to the spread of Covid-19.

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Projected Increase in Unemployment in Asia Due to COVID-19

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The economic crisis caused by the coronavirus (Covid-19) pandemic is predicted to cause a global recession. The International Monetary Fund (IMF) estimates that the global economy will shrink by 3 percent this year. In Asia, the IMF predicts economic stagnation. Last year, the region's economy still grew by 4.6 percent. Economic recovery is projected for 2021, with a growth of 7.6 percent.

This economic slowdown is expected to lead to a rise in unemployment. Almost all Asian countries are facing the prospect of increased unemployment. The highest unemployment rate in 2020 is projected to be in New Zealand at 9.2%. Meanwhile, Indonesia's unemployment rate is projected to reach 7.5%.

Editor : Safrezi Fitra

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."