Event Reports

KAS Japan Weekly COVID-19 Updates

by Cristita Marie Perez

18 June 2020

The IMF warns that the new economic growth projections that will be released on June 24 “will be, very likely, worse than what we had” as Asia faces significant job losses.

Key messages include:

1. Mass unemployment seems to be the new normal. Japan loses one million job from the pandemic, surpassing those from the 2008 global financial crisis. India currently faces record high unemployment as bleak market perspectives and massive layoffs destroy the workforce.

2. Policy action should include social welfare support for the unemployed as well as complementary government support to enterprises facing difficulties.

Contact Person

Cristita Marie Perez

Cristita Marie Perez KAS

Senior Program Manager of Regional program Social Economic Policies Asia (SOPAS)

Cristita.Perez@kas.de +81 3 6426 5041 +81 3 6426 5047