A New Social Contract for Asia

Eddy Lee, director of studies at International Labor Organization, is author of the just-released book, The Asian Financial Crisis: The Challenge for Social Policy (December, 1998).

Geneva - The financial crisis in Asia has had devastating social consequences. Massive job losses have occurred, resulting in at least a three-fold increase in unemployment in Indonesia, South Korea and Thailand since late last year. More recently, unemployment has also begun to increase sharply in Hong Kong, Malaysia and Singapore.

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