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Asia’s Unequal Recovery Sounds Alarm for Global Economic Rebound

  • Inequality gap, digital divide aren’t expected to narrow soon
  • Even those with tech skills are nervous about job outlook
Bloomberg business news
WATCH: Sara Elder from the regional office for Asia and the Pacific of the ILO looks at how the pandemic has been affecting labor markets in the region.(Source: Bloomberg)

Asia’s head start in the economic recovery from Covid-19 is sending a warning to the rest of the world: inequalities exacerbated by the virus are unlikely to be reversed any time soon.

Even as the region’s rebound gathers pace, many workers who lost their jobs early in the crisis find themselves stuck in new positions with less pay. Economists caution that while a lasting shift toward the digital economy will create opportunities, it risks stoking divisions unless governments pour more investment into the workforce. The Asian Development Bank and International Labour Organization say as many as 15 million jobs for teenagers and young adults in the region could be lost this year.