Labour market prospects in South Asia depend on India: ILO
The overall prospects for labour market in South Asia largely depend on the performance of India, which has a share in regional GDP of 80 percent, the International Labour Organisation has said.
In its latest study on global employment trends, the ILO said prospects for the labour market also depended on high levels of unemployment in some economies, high incidence of working poverty, especially in informal economy, high productivity sectors which absorb very little of the expanding labour force and low levels of education in comparison with other regions of the world.
It said while the region was expected to see a GDP growth rate of above five percent, no change was likely in unemployment rate. Unless the region faced the policy challenge to move from job creation in the informal economy to creating productive jobs in the formal economy, there was “little hope” of substantially reducing the number of working poor.
More: newindpress.com
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