TLTP
\nMANILA
\nThe Asian Development Bank (ADB) in a recent report has estimated that as many as 2.3 million young people in Pakistan may have lost their jobs during the lockdown period.
\nThe report titled \u201cTackling the COVID-19 Youth Employment Crisis in Asia and the Pacific\u201d found that the employment prospects of the region\u2019s 660 million young people were severely challenged.
\nThe report said that job loss among youth will continue throughout 2020 and could result in youth unemployment rates doubling in countries.
\n\u201cBetween 10 and 15 million youth jobs (full-time equivalent) may be lost across 13 countries in Asia and the Pacific in 2020,\u201d the report said. The reports estimates were based on expected fall in output and consequent decrease in labour demand for the year relative to a non-COVID-19 scenario.
\nBoth large and small countries were included in ADB\u2019s estimate from countries such as India and Indonesia, as well as small ones such as Fiji and Nepal. The projected rise in youth unemployment rates, according to the report varies from country to country, but increases are expected for all countries.
\nIn Cambodia, Fiji, Nepal, Pakistan, the Philippines and Thailand, youth unemployment rates are expected to reach at least double the 2019 estimates even in a scenario of short COVID-19 containment, the ADB said.
\n\u201cA longer containment period will naturally result in higher job losses. For most countries, a 6-month period would reach into September because containment started near the beginning of April. In the 6-month scenario, job losses for youth may equal 6.1 million in India, followed by Pakistan with 2.3 million. Indonesia may see lower job losses (1.9 million) than Pakistan, despite the former having a larger youth workforce,\u201d the report said.
\nIt added that this is likely the result of higher concentrations of youth in badly hit sectors and lower labour productivity in Pakistan.
\nThe report added that young people in the 13 countries may lose the equivalent of 9.9 million jobs in 2020 under the three-month scenario.
\nThe report states that the largest losses are expected in countries with the largest workforce, but the start date of serious containment measures and the severity of restrictions also have an important impact.
\n\u201cIn India, the equivalent of 4.1 million youth jobs may be lost, followed by Pakistan with 1.5 million. These countries not only have a larger population and workforce, but they also imposed stringent containment measures and did so early, in the latter half of March. As containment measures have continued to be in force after three months in many countries, despite some relaxation, the short containment results are best viewed as a lower bound of job losses,\u201d the report states.
\nThe ADB has recommended support measures for youth who have been affected by the lockdown such as providing youth-targeted wage subsidies and public employment programmes, expanding job information and employment services targeted to young jobseekers and supporting apprenticeship programmes and focusing on demand-driven skills development.
\nIt has also recommended increasing funds for upskilling and reskilling, especially in growth sectors, investing in digital inclusion for equitable access to education, training and entrepreneurship and supporting young entrepreneurs through access to capital combined with non-financial services. <\/p>\n","protected":false},"excerpt":{"rendered":"
TLTP MANILA The Asian Development Bank (ADB) in a recent report has estimated that as many as 2.3 million young people in Pakistan may have lost their jobs during the lockdown period. The report titled \u201cTackling the COVID-19 Youth Employment Crisis in Asia and the Pacific\u201d found that the employment prospects of the region\u2019s 660 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-139815","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n