The impact of the coronavirus lockdown has been significant on some of the fastest-growing economies in Asia with youngsters facing massive difficulties. Majority of the world’s unemployed between the age of 15 to 24-year-olds are present in this region.
Women and poor are the worst hit sections according to the reports released by the Asian Development Bank and International Labour Organization. The economic future of the youth now stands compromised at the start of their career lives. They are losing jobs at a faster rate as the major part is employed in the sectors like manufacturing, food industry, travel, accommodations, wholesale and retail sale and business services. These sectors are among the hardest hit due to the coronavirus.
The “lockdown generation” is anticipated to be left behind on the economic front. Job crisis has become a major concern, and the unemployment rate is at its all-time high. People are forced to do jobs outside their domains to earn the bare minimum and bring some money to survive.
Youth unemployment is not only the Asian concern, but it has become a Global Crisis. Daily wage workers, medium and small enterprises (MSMEs), etc. have lost their source of income and the present pandemic situation offers no hope to them. It has now become a question of survival to many East Asians creating a class of “new poor”. According to a report by the World Bank, additional 38 million people are now expected to live in poverty.
The job crisis was already prevalent in countries like India, and it took a turn for the worse with the coronavirus pandemic. Mental health issues are on an upsurge, and the quality of life is deteriorating further. The crisis can be long-lasting in pretext with prevalent situations. Job cuts, salary decrement, layoffs, etc. have become common with corporations giving one reason for everything- pandemic. The massive pressure is on the youth generation whose struggle of survival has increases manifold. Even China, which has presumably recovered at a massive rate has warned that unemployment among the youth is set to rise. Several Japanese firms have slowed down the hiring process posing another problem for the graduates.
Sections that have blossomed even during the pandemic are the Digital and IT sectors offering a plethora of opportunities for the people. Still, the skill required in these sectors is high. Some people who lost their jobs have started using online means to sustain their income by offering training or classes to others. Several others are also relying on self-created business ventures. But the security of these options is also in question.
Many corporations have resorted to extreme measures to keep their business in track. Newly hired candidates were not offered a joining letter, salary cuts, increment cuts and even termination of several profiles have become a common practice. The pandemic has necessarily killed the economic dreams of many.
Youngsters are gravely concerned, and many graduates fear their chances of getting a decent job. Many experts believe that the present “lockdown generation” is bound to make lesser money comparatively.
