ADB Report

India might see unemployment of 6.1mn youth in 2020. According to a report published by the Asian Bank of Development and International Labour Organization, a minimum of 6.1mn youth (15-24 Years) would lose jobs in India if the pandemic containment continues till September.

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The report is titled ‘Tackling the COVID19 youth employment crisis in Asia and the Pacific’ release on Tuesday. As per the report, overall, 14.8 million people will lose jobs in the 13 countries in this particular region.

Pakistan would be followed by India in terms of youth losing jobs (2.3 million). The report suggests that India would be the second in the unemployment rate at 32.5 percent in 2020, after Sri Lanka at 37.8 percent.

The report has said that the construction and farm sector workers would account for the job losses. The report has been based on the Global Survey on Youth and COVID19 regional assessment.

The report has urged the governments to adopt the urgent, integrated, and holistic approach for jobs, education, and training. The Asian countries were facing challenges in the labor market even before the COVID19 crisis came.

The job loss is a real scare for the Asian economies. The pandemic has made things even messier. However, the report directs to the 660 million young people in the Asia -Pacific region. Young people are at more risk than adults in these economies.

Unemployment and job cuts have been increasing in the entire world. As the pandemic is gripping more and more economies and industries, the world is battling a completely new battle from the economic front.