ABSTRACT
This chapter provides an overview of the nature and extent of impact of the global financial crisis (GFC) on labour market from a number of countries, especially Asian countries, including India. It incorporates data and evidence from global trends such as the International Labour Organisation (ILO) and World Bank's reports on recession and economic recovery. ILO estimated that global unemployment levels will fall and will reach pre-crisis levels by mid- to end of 2015 for emerging and developed nations, and advanced economies will reach pre-crisis levels by mid-2017. Like China, India too has suffered from the diverse impacts of the GFC at different points in time, as well as for different sectors of the economy. The Indian labour market can broadly be classified into those who seek employment in the formal and those who seek employment informal sectors. The GFC is also having an unexpected social impact on gender in emerging economies and families with low- to mid-income levels.
