From Asian to Global Financial Crisis

Recovery Amidst Expanding Labour Precarity

Bibliographic Data

ID7842669
AuthorsHwok-Aun Lee (0000-0003-4513-5235, University of Malaya), Rene E Ofreneo (University of the Philippines Diliman)
Year2014
Volume44
Issue4
Pages688-710
Publication date2014-10-02
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueJournal of Contemporary Asia (JOURNAL)
Journal identifiersISSN: 0047-2336 • E-ISSN: 1752-7554
PublisherInforma UK Limited (PUBLISHER • GB)
DOI10.1080/00472336.2014.931035
OpenAlexW2146400502
LanguageEN
Citations received8
References cited16

This article outlines the labour impacts and social consequences of the 1997–98 Asian financial crisis and 2008–09 global financial crisis on Southeast Asia. Both had adverse consequences on output, employment, income and poverty in the region, although the impact of the global financial crisis was much less severe compared to the Asian financial crisis. Economies recovered quickly from both crises. However, labour markets continue to be characterised by informal, vulnerable and precarious employment. The crises and the ensuing efforts of employers to resort to increased flexibility in labour hiring in both crisis and recovery periods fanned labour protests despite the diminutive size of the trade union movement and the underdeveloped system of industrial relations in most countries. In turn, these protests have triggered national and regional debates on rules for labour contracting, minimum wage adjustments and social protection. These debates have remained unresolved even as the region is gearing up for fuller economic integration in 2015 labelled as the ASEAN Economic Community

Development economics · Economic growth · Economics · Financial crisis · Labour economics · Poverty · Social protection · Wage · Employment and Welfare Studies · Labor Movements and Unions · Social Policy and Reform Studies

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