Job losses across Asia Pacific could surge as countries are forced into lockdown over the coronavirus pandemic, S&P Global said in a report Monday.
Jobs in the services industries will be among the first to feel the impact of those lockdowns. Unfortunately, they also drive job creation in the Asia Pacific region, said S&P Global in a report on Monday.
Large queues formed outside Australian unemployment benefit offices as the prime minister warned the coronavirus pandemic would cause an economic crisis akin to the Great Depression.Job losses across Asia Pacific could double due to the coronavirus pandemic — and some of these jobs may not come back for a while, S&P Global warned.
The services industries are among the first to feel the impact of those lockdowns, but that very sector is also what's driving job creation in countries like Japan and South Korea, the ratings giant said.Measures designed to limit viral spread are striking at the heart of the engine of job creation across Asia-Pacific — the service sector."
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