How do financial crises affect employment in developing countries like the Philippines
Answer (1)
Financial crises often lead to job losses in developing countries because companies earn less and may not have enough savings to survive. They are forced to lay off workers, reduce wages, or even close down. In the Philippines, crises like the 1997 Asian crash and the 2008 global recession led to factory shutdowns, contract cancellations, and fewer hiring opportunities. This affects not just workers, but their entire families. New graduates may also find it harder to get jobs. The crisis slows down economic activity, which leads to widespread unemployment and underemployment.
