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Asia has an unemployment crisis waiting to happen

Export collapse will expose how tenuous many workers' jobs are

| Hong Kong
A textile worker lies down outside a factory after it was shut due to the lockdown in Bhiwandi, India, on Apr. 1: the worst is yet to come as a severe export slump lies ahead.   © Reuters

Rob Subbaraman is head of global macroeconomic research at Nomura. Sonal Varma is the bank's chief Asia ex-Japan economist.

As the COVID-19 pandemic has progressed, Asian nations' unemployment rates have generally not set alarm bells ringing.

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