Jobless Forecast in Southeast Asia 2024

As of the 2024 Southeast Asia unemployment outlook, projections based on the World Economic Outlook (Oct 2023) reveal a mixed scenario across the region. Indonesia is anticipated to face a moderate unemployment rate of 5.2%, reflecting a stable but not immune labor market. The Philippines closely follows with a projected rate of 5.1%, highlighting the need for continued efforts to address employment challenges.

Brunei Darussalam aims to maintain a relatively lower unemployment rate at 4.9%, indicating a stable economic environment. Malaysia, with a projected rate of 3.5%, appears to be positioned with a comparatively healthier job market, possibly benefiting from ongoing economic initiatives.

Viet Nam is expected to demonstrate a robust employment landscape, boasting a projected unemployment rate of 2.1%. This figure reflects the country's dynamic economic growth and job creation efforts. Singapore, with a low projected rate of 1.8%, stands out as a beacon of economic resilience and stability, showcasing effective labor market management.

Thailand leads the pack with the lowest projected unemployment rate at 1.1%, indicating a strong and competitive job market. However, it's noteworthy that Cambodia, Laos, Myanmar, and Timor-Leste lack available data in this projection, emphasizing the need for comprehensive data collection and reporting mechanisms in these regions.

The diverse unemployment outlook across Southeast Asia underlines the economic variations among nations in the region. While some countries face moderate challenges, others exhibit resilience and stability in their labor markets, suggesting the importance of tailored policy approaches to address specific socio-economic contexts.