Asia-Pacific Employment and Social Outlook 2024

Context: The International Labour Organisation (ILO) released the Asia-Pacific Employment and Social Outlook 2024 report.

Key Findings

• Real GDP growth in the region is projected to fall to 4.2% in 2025 from 4.4 at present (2024).
• The region’s employment-to-population ratio is in long-term decline, projected to continue over the coming years, falling from 58.2 per cent in 2023 to 57.4 per cent in 2026.

o Increase in persons >65 years and above as a share of the total population and declining youth participation rate are the main causes of the long-term downward trend.

• Labour force participation rate (LFPR) fell from 67.0 per cent in 1991 to 60.9 per cent in 2023 and is projected to decline further
over coming years.

o Increased educational attainment and ageing populations are among the main drivers.

• Unemployment rate stands at 4.2 per cent. Unemployment among women is lower than unemployment among men.

o In 2023, around 66% of workers were in informal employment.

• Dependency ratio (ratio of the population aged 65 and above to those aged 15 to 64) will double from 0.15 in 2023 to 0.31 in 2050. Further, it is rising faster in Asia and Pacific than in the rest of the world.

o The highest old-age dependency ratios are mostly likely to be seen in Japan and South Korea, with the largest increases expected in South Korea, Singapore and Thailand.

• The report called for significant policy reforms and better implementation of existing standards to reduce inequalities, improve job prospects for older workers and ensure equitable pensions to address the demographic changes.

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