NEDA Studies Reveals PH Has Worst Unemployment Rate In Emerging Asia
PH WORST UNEMPLOYMENT RATE – According to the National Development Authority (NEDA), the Philippines has the worst joblessness rate in Emerging Asia.
Despite easing of lockdown protocols last March, the unemployment rate in the Philippines is still at a staggering high. Furthermore, it has the biggest share of unemployed to the labor force.
Back in April 2020, the Philippines had the lowest unemployment rate at 7.1 percent according to NEDA. However, the shifting of NCR to NCR plus with the reversion from ECQ to MECQ could temporarily reverse the current employment rate.
Based on an article from Cebu Daily News, NEDA stated:
However, the impact is expected to be less severe compared to April 2020 given the more risk-managed approach to the present quarantines…
At the peak of the coronavirus pandemic in the Philippines, 75% of the economy was closed. This left only essential businesses and services functioning. As such, the unemployment rate in the Philippines hit a record 17.6 percent or roughly 7.2 million Filipinos losing their livelihoods.
Still, even among the seven emerging Asian countries, the Philippines tops the latest unemployment rate. In India, despite the massive coronavirus surge, the jobless rate was at 6.7 percent in January to February 2021.
Meanwhile, Malaysia was at 4.8 percent in February and Vietnam was at 2.4 percent in March. But, with the rollout of COVID-19 vaccines, NEDA forecasts a possible shift. As per the article, NEDA stated:
Accelerating the rollout of vaccination in the succeeding months is necessary to achieve herd immunity and allow for the gradual reopening of the economy. Likewise, there is a need to further ramp up vaccine deployment especially in high-risk populations and among critical economic front-liners (A4 priority group) once vaccine supply stabilizes
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