Job opportunities drop in Asia-Pacific region

Both quantity and quality of jobs available across many Asia-Pacific labor markets have been affected by the slowing economic growth, said a report released by the International Labor Organization (ILO) on Monday. According to the report, titled October 2012 Asia-Pacific Labor Market Update, Indonesia, the Philippines, Australia, New Zealand and Taiwan has experienced a significant slow-down in employment growth. It also said poor quality of employment, which often means low wages and limited access to rights and benefits, was another huge challenge for the region. Around 80 percent of workers in Nepal, India and Pakistan work informally in the non-agricultural sector and many of them are women. Having the world's largest youth population, the region's Labor market prospects for youth remain gloomy. The report shows one in six young people are unemployed in Taiwan and Hong Kong, the Philippines and New Zealand. Youth make up nearly 60 percent of the unemployed population in Samoa and 50 percent in Vanuatu. "Unless Asia taps the full potential of young women and men, its quest for prosperity and development remains elusive," said Gyorgy Sziraczki, ILO Vietnam Country Director.