High unemployment behind regional low economic growth

PHILIPPINES: With millions of individuals still jobless or underemployed, the Philippines has recorded the highest "output gap" in the ASEAN region.

According to the Asian Development Bank's Covid-19 Country Assessment Report for Southeast Asia, the Philippine economy fell short of its potential in 2021 by 16.4%.

Senior Economist with the bank James Villafuerte said the impact of the pandemic had largely been very hard for the informal sector, women workers, young and prime-age workers. "This change in employment composition may be expected to persist in the medium and long term,” he said.

ADB recommends forming renewed enterprise-led training for the workforce to gain relevant skills, such as the Department of Education’s K-to-12 programme. Unemployment insurance, support for small businesses, green jobs, and infrastructure, are some of ADB’s additional recommendations for the country.

8 views0 comments