March 23, 2018
Mongolia, Pakistan, Indonesia and Philippines have the highest employment rates in Asia. By contrast, Cambodia, Thailand and Laos post the lowest unemployment rates.
Mongolia has the highest employment rate in Asia with 7.3 per cent. The country has seen a poor labour market with a dipping employment rate.
Even during the economic boom from 2010-2014 the employment rates remained steady in the country.
Pakistan has the second highest employment rate in Asia of 5.9 per cent. The political unrest in the country has hugely been contributing to the dampening growth as a result of which unemployment has risen.
Indonesia and Philippines have 5.5 and 5.3 per cent employment rate respectively. The experts blame the worsening Philippine economy on the neo liberal policies that have kept the agriculture economy at a back burner.
The hermit kingdom of North Korea has an employment at 4.3 per cent, closely followed by Sri Lanka with a rate of 4.2 per cent. Bangladesh and Myanmar both have an employment rate of 4.1 per cent followed by China at 3.9 per cent.
India has been facing worsening job situation with the percentage of unemployed people rising. Malaysia has also seen a slight increase in the percentage of people who are out of labour force at 3.4 per cent. In South Asia, Nepal has seen the lowest rate of people out of labour force at 3.2 per cent.
Countries like Japan and Singapore have lower percentage of people out of labour force at 2.4 and 2.1 per cent respectively. Vietnam and oil and gas rich Brunei also have an equally low percentage of unemployed people at 2.02 and two per cent.
Laos and Thailand are amongst the countries with a low employment with majority of people in Laos employed in agriculture sector.
Myanmar and Cambodia have the lowest percentage of people out of the labour force.
With global unemployment predicted to rise, Asian countries have many challenges ahead of them to create jobs and fill the work deficit gap to reduce the social inequality between classes.