Date Added: Nov 2010
Most, if not all, Asian countries are currently affected by the world's most serious recession since the 1930s. The current outlook for the region indicates that economic growth in the region as a whole will drop to only 1.4 per cent in 2009, down sharply from 5.1 per cent in 2008 and from the very rapid growth of 8 per cent achieved in 2007 (IMF, 2009). The current global economic crisis is impacting the region through various channels, including exports, foreign direct investment and remittances. Consequently, the impact on Asia's labour markets, workers and families has been widespread.