Pandemic hit labor market harder than financial crisis
Although the Asian Financial Crisis caused a deeper GDP contraction than COVID-19, the pandemic’s labor market impact has been more severe. Movement control restrictions disrupted production and demand, leading to widespread job losses and income reductions. Unemployment rose sharply as businesses cut back or retrenched workers. The article highlights how COVID-19’s unique economic shocks have reshaped Malaysia’s labor market compared with past crises.
19 April 2021 I New Straits Times
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