Aging population to affect Asia-Pacific labor markets

Asia-Pacific labor markets are facing "deep-seated challenges "that are compounded by the region's rapidly aging population, according to the International Labour Organization's latest report.

Despite the fact that the unemployment rate in the region remains below pre-pandemic levels, the employment-to-population ratio is on a long-term decline, according to the Asia-Pacific Employment and Social Outlook 2024 released on Tuesday in Bangkok.

The report shows the region's employment-to-population ratio is projected to fall from 58.2 percent in 2023 to 57.4 percent in 2026. The region's labor force participation is also expected to drop by 0.8 percent during the period.