Nearly 21m workers face job losses as pandemic shreds Asean-6 economies

SOUTH-EAST Asian markets look set to be rocked by sharp spikes in joblessness, as the deadly Covid-19 pandemic smashes economies.

About 7 per cent of Asean-6 employees, or millions of workers, could be laid off in the looming recession, BofA Global Research analysts estimated, warning that a crash in the labour market "will also threaten the economic recovery expected once the pandemic fades".

Retrenchments could number in the millions in Indonesia, Vietnam, the Philippines and Thailand, based on the share of workers in small businesses and informal employment.