Trading Century
  • Trading News
  • Economy
  • Editor’s Pick
  • Finance
  • Investing
  • Politics
  • Stock
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Email Whitelisting
  • Contact
Subscribe
Trading Century
Trading Century
  • Trading News
  • Economy
  • Editor’s Pick
  • Finance
  • Investing
  • Politics
  • Stock
  • Politics
  • Stock
  • Trading News

Pandemic erased over 9 million jobs in Southeast Asia, ADB says

  • March 16, 2022
The number of jobless Filipinos increased to 4.187 million in February from 3.953 million in January, based on latest official data. — Photo by Michael Varcas, The Philippine Star

The coronavirus pandemic obliterated 9.3 million jobs in Southeast Asia as lockdowns hit the region’s traditional engines of growth such as hospitality and tourism, according to the Asian Development Bank.

This pushed 4.7 million people to extreme poverty last year, measured as living on less that $1.90 a day, the ADB said in a report Wednesday. Inequality also widened as movement restrictions hit hardest the retail and informal sectors, where women, young people and unskilled workers are typically employed.

“The pandemic’s impact on poverty and unemployment will likely persist as inactive workers become de-skilled and poor people’s access to opportunities further deteriorates,” the ADB said. “When this happens, the deterioration in inequality could transfer across generations.”

Green shoots are emerging though, with close to 60% of Southeast Asia’s population vaccinated and public mobility rebounding. Gross domestic product is expected to grow 5.1% this year, though the omicron wave could slash this by as much as 0.8 percentage points.

Equipping small businesses with digital tools and providing skills training for displaced workers will ensure they’re not left behind in the “new normal” of work, the ADB said. Increasing health spending to 5% of GDP, from 3% in 2021, will also improve disease surveillance and add 1.5 percentage points to growth. — Bloomberg

Previous Article
  • Politics
  • Stock
  • Trading News

Globe celebrates the women of Brgy. Barangka Ilaya, Mandaluyong for their strength and support for the community

  • March 16, 2022
View Post
Next Article
  • Politics
  • Stock
  • Trading News

InLife recognizes its top financial advisors and agency leader

  • March 16, 2022
View Post
You May Also Like
View Post
  • Trading News

Waller Offers Common Sense View on Financial Risks of Climate Change

  • May 29, 2023
View Post
  • Trading News

Ga. Reps Slice Possible Lifeline for Kids in Failing Schools

  • April 5, 2023
View Post
  • Trading News

Silicon Valley Bank: Mismanagement Is Not an Excuse for Inefficient Regulation

  • April 3, 2023
View Post
  • Trading News

Fetterman released from inpatient treatment for depression

  • April 1, 2023
View Post
  • Trading News

Fetterman released from inpatient treatment for depression

  • April 1, 2023
View Post
  • Trading News

Fetterman released from inpatient treatment for depression

  • April 1, 2023
View Post
  • Trading News

Fetterman released from inpatient treatment for depression

  • April 1, 2023
View Post
  • Trading News

Fetterman released from inpatient treatment for depression

  • April 1, 2023
Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.


    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



    If you want to delve into the USA business updates and investors daily routine,
    go to our partner project Daily Business Investor.

    TradingCentury.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.

    Copyright © 2023 Trading Century. All Rights Reserved.

    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    • About Us
    • Privacy Policy
    • Terms & Conditions
    • Email Whitelisting
    • Contact
    Trading Century
    Your daily news source covering investing ideas, market stocks, business, retirement tips from Wall St. to Silicon Valley.

    Input your search keywords and press Enter.