WEF forecasts Philippines employment, livelihood crunch

PHILIPPINES: The World Economic Forum’s (WEF's) latest Global Risk Report has foreseen a series of employment and livelihood crises for the working age population in the Philippines, with an expected deterioration of work prospects and standards.

The WEF noted these would involve greater instances of unemployment, underemployment, lower wages, volatile contracts, and diminished worker rights in 2022 and beyond.

“Risks to economic growth are considerable, including risks from (a) potential resurgence of Covid-19 as new variants emerge,” its report stated.

According to WEF, the Philippines also faces digital inequality, with many having unequal access to critical digital networks, technologies, and the opportunities that these create.

The WEF warned that prolonged economic stagnation and the climate crisis were identified as the top risks for the country.

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