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Reopening economy needed to fix unemployment

Republika

The remaining restrictions amid the pandemic should be addressed to enable the economy to get closer to normal.

Economic managers in a joint statement released by the National Economic and Development Authority (NEDA) said the country is gradually getting back the jobs lost due to the pandemic but the smaller progress in the past quarter indicates further reopening of the economy is required.


The latest labor force survey (LFS) data show that between October 2020 and January 2021, some 1.4 million jobs were restored across sectors.


The labor force participation rate, or the proportion of the working age population that is either working or actively looking for work, increased from 58.7 percent to 60.5 percent. The biggest improvement can be seen in the National Capital Region, where some 269,000 jobs were restored.


As the economy was further reopened, the unemployment rate decreased from 12.4 percent to 8.8 percent in January 2021.


The latest employment statistics also show the underemployment rate dropped from 11.1 percent to 8.2 percent in the same period.

Photo by PNA


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