MANILA, Philippines—The influx of K to 12 graduates into the job market by the time the economy is seen still recovering from this year’s pandemic-induced slump will bloat the jobless rate to 7-9 percent in 2022, the country’s chief economist said.
In a report, the state planning agency National Economic and Development Authority (Neda) said the Updated Philippine Development Plan (PDP) 2017-2022 downscaled the 2022 unemployment rate target from the pre-pandemic goal of only 3-5 percent of the labor force unemployed during the year that President Rodrigo Duterte steps down from office.
Last year, the unemployment rate fell to a record low of 5.1 percent as the…
Keep on reading: Neda says K-12 graduates to crowd job market, raise jobless rate to 7-9 percent in 2022